HuaAn, Guotai ready landmark gold ETFs
China's first two gold ETFs are set to list, against the backdrop of a recent drop in global demand for the metal – though mainland fund houses see this as a buying opportunity.
The Chinese love their gold – the country is the biggest consumer of the yellow metal after India. China Gold Association data shows that mainlanders bought 832 tonnes of gold last year, a 9.34% increase from 2011 and 320.54 tonnes in the first quarter of this year, a 25.6% year-on-year rise.
Two mainland fund houses – HuaAn and Guotai – will be hoping this push into the precious metal will continue after the China Securities Regulatory Commission gave them approval last week to l…
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