The Shanghai Gold Exchange (SGE) withdrawals of 179.237 tons of gold in February were up 67% from withdrawals of 107.6 tons in February 2016 and down 3% from January 2017 withdrawals of 184.41 tons.
Withdrawals on the Shanghai Gold Exchange are often considered a good proxy for the level of physical gold demand in China.
The Peoples Bank of China has slowed its gold purchases recently. In November and December the PBOC added no gold to its reserves. The PBOC sold about 20 tons of goldin December and added about 7 tons in January and 14 tons in February 2017.
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