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History and Current Situation of China_amp;_39;s gold

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History and Current Situation of China_amp;_39;s gold Powered By Docstoc
					History and Current Situation of China's gold
 From five thousand years of Chinese history, China has been a gold-poor countries.
While other nations in the world, like gold in the history of our country is a unit of
measurement of wealth and ownership of wealth, gold status in human society
unusual. But the fact is because China's total lack of gold, making gold is
difficult to become the leading medium of wealth distribution. Commitment in
China's modern history, currency in circulation features protagonist is
silver. China's "poor fund" has been extended to the
realities of the 21st century today. Caused by "poor Chinese
gold" phenomenon of the following reasons:
(1) historical reasons:
 According to archaeological finds, before the Han Dynasty of China in the field of
social circulation of commodities is no shortage of gold, the total flow of the whole
community has no shortage of gold, which before the Han Dynasty tomb can be found
in a large number of archaeological gold ornaments can be seen, from the kinds of
historical documents can also be seen at the important position of gold. According to
the history of literature at that time, the emperor's ministers on merit and so
often on the war will easily reward a few hundred pounds of gold.
 However, Han Chinese society after the sudden decrease of the total gold, gold for
China in the history of the sudden reduction of the total is still a mystery until now,
Chinese archaeologists also need to continue to study the crack this mystery. One of
them saying, from the Han Dynasty, China dynasties turnover, peasant uprising after
another, all kinds of war have been continually and at a time when the gold reserves in
the Chinese society, in fact, the aristocrats and the landlord class, these kings and
nobles and landlords class It is precisely the revolutionary wars and plundering
peasants object, in order to save the wealth, the nobility and the landowners of these
classes is bound to hide such a high value like gold wealth. Various stretches of social
unrest during the war, the nobility and a large part of the landlord class in the
revolution which has been eliminated, these are hidden wealth of gold became
ownerless, lost wealth. Since the Han dynasty since the revolution frequency of wars
broke out in several hundred years, a large number of high value such as gold buried
in a Chinese fortune to all corners of the earth, the "one hundred people
hiding Hard to Find", a large number of gold into China's
wealth of history disappeared. Perhaps this really China's "poor
fund" of a historical explanation.
(2) factors of modern and contemporary wars:
 In addition to the above history of Mystery, the in modern Chinese history, many
events on the Chinese mainland to further cause the reality of poor payment. Since the
1840 Opium War, China by Western powers, the opium trade in the past 100 years are
skillfully taking and armed rob and exploit, a lot of silver and gold used as money and
war reparations out of opium in China, further causing the Chinese gold and silver
The severe shortage of precious hard currency. Since then China's years of
civil war and Japanese invasion of China, also contributed to China's
massive outflow of gold and silver, some gold and silver for the purchase of ordnance,
and the other part of the flight was carrying a large number of high-brow abroad. So
far this Chinese folk still have not closed the international gold Mystery.
(3) Kuomintang civil war period of "gold yuan" event
 After the war, the KMT government during the civil war cooked up the
"gold yuan" event is another representative of the gold outflow
event. Kuomintang government finance huge deficits year after year, in order to cover
the deficit, on a range of issue legal tender, legal tender soared, prices soared along. In
order to save the economy collapsed, August 19, 1948, the KMT government to
implement       the    so-called     "currency         reform"       and
"limit policy." In which the Nationalist government issued the
"gold yuan issue approach" provides gold yuan per dollar with
gold 0.22217 g, Amount to 2 billion limit. Off by a gold yuan RMB 3 million yuan in
the ratio of legitimate legal tender redemption. It also provides a two-equivalent gold
gold yuan 200. Silver 1 2 3 yuan is equal to gold yuan. 1 per dollar is equal to gold
yuan 4 yuan.
 At that time the Kuomintang government to use high-pressure and deception and
other means to force the implementation of this Act, order the country's
people must be ruled areas September 30, 1948 will be held all the gold and silver
convertible into gold yuan, those who do not pay overdue, will be forcibly confiscated.
Less than two months, to extract gold and silver from the hands of the people totaled
200 million U.S. dollars in foreign currency.
 Early October 1948, began buying spree spread from Shanghai to the Kuomintang
areas in major cities, prices soaring further. November 10, the Kuomintang
government was forced to cancel the policy limit. 12, has announced
"modified gold yuan issue means" law, provides a gold yuan
gold content was reduced to 0.044434 grams. Declared gold yuan depreciated 4 / 5,
withdraw gold yuan issued 2 billion yuan limit. After the gold yuan unlimited
distribution, to May 1949, gold yuan amount of more than 67 trillion yuan issue, gold
yuan also as a waste paper as legal tender.
 Those with "gold yuan" convertible to gold, silver, and the
central bank over the years the KMT government gold, silver reserves and so on, in
1949 escorted by warships to Taiwan. January 10, 1949, the eldest son of Chiang
Kai-shek Chiang Ching-kuo took out a "personal" as soon as all
the above explicitly Yu Hongjun stock of gold, silver and U.S. export to Taiwan. At
that time, the KMT after the so-called "currency reform", issued
gold yuan, forcing the private sector almost all the gold and the dollar reverted to the
state treasury. This section on the number of different opinions. Nationalist scholar
Chen Xiaowei said that "gold 500 000 2"; while others said that
U.S. 80 million yuan, 92.4 thousand two gold, silver 30 million yuan; and Liang
Sheng Chun Li Tsung-jen, said the secretary of the fall of Nanjing, the
"treasury there are 280 gold 10 000 2, 5,000 million U.S. dollars by the
Offices of cotton gauze to sell no less than USD 15 million yuan worth, there is huge
value of securities. " In short, at the time it is a very impressive figure,
under the direct command of Chiang Kai-shek, this huge amount of wealth with all
the rush to transport naval warships to Taiwan.
(4) Contemporary China is still "gold shortage"
  In 1949 the Chinese Communist Party established the People's Republic,
is a virtually "no payment" on the Chinese mainland began to
economic and financial system. The Chinese government can only derive from the
new gold production increased, but not the accumulation of historical retention. In
1949, long after the founding period of time, gold has been taking our country is
strictly controlled Jie Duan, Huang Jin mining enterprises must to produce new gold
sell Ji Chu Lai Bank of China, Bank of China and then You will be placing a gold
gold unit. Then out of the new production of gold is mainly used for international
payments and our urgent national reserves. To 1982, only to re-start the community
has the power to own gold, with gold is only through the shopping channel can buy
gold jewelry only.
  To sum up, China's current "gold shortage" is very
clear historical reasons, we can clearly see that in China, a country with a large
population and geographic, from 1949 to 1982, there is a whole community of our
country       "Golden        fault",      the      "Golden
fault," duration of 30 years, a full two generations affected. In two
generations, the Chinese people and the gold for him, but it is very simple to know the
gold is valuable, gold is very expensive, but can not access to gold, the lack of
knowledge about a variety of gold and understanding the important role for gold and
financial functions are poorly understood. The Golden fault actually leads to the
universality of the whole community ignorance and indifference of gold.
(5) China's central bank gold reserves
  Close by the end of December 2005, China's central bank reported 19.29
million ounces of gold reserves, equivalent to about 600 tons. (Reality may be more
than 1000 tons or more)
  By 150 yuan / gram of market prices, 600 tons of gold worth about 90 billion yuan.
By 580 U.S. dollars / ounce price, 19.29 million ounces of gold worth about 11.188
billion U.S. dollars. Ended in December 2005, China's foreign exchange
reserves of about 800 billion U.S. dollars, foreign exchange reserves, gold reserves of
about 1.3% around
(6) China's gold production status and mineral reserves
  China's gold production in 2003 ranked third in the world, annual output
of about 180 tons of gold, equivalent to the price of gold was about 20 billion yuan,
and the last 6 years of production small fluctuations.
  1-5 months of 2004 gold production in China to analyze the country in May
production of gold (finished gold) 16.837 tons. Accumulated 79.065 tons from
January to May. Compared with the same period last year, gold production increased
7.341 tons, an increase of 10.24%. From January to May 2004, gold mining gold
mining companies (gold refined gold + content) accumulated 64.263 tons, up 10.80
percent over last year; smelting companies (nonferrous metals, gold smelting
enterprises) accumulated finished gold 32.680 tons more than last year growth of
9.22%.
  2004, China's gold output reached 212.348 tons, an increase of 5.86% a
year. Large amount of gold production in the provinces of Shandong, Henan, Fujian,
Shaanxi, Liaoning, Hebei Province, Shandong Province, is still the largest producer of
gold, all gold 64.509 tons annually, accounting for 30.38 percent of national output.
In 2005, the Chinese gold industry is good overall economic performance. China Gold
Association's "National Gold Monthly Bulletin of
Statistics" show that in 2005 the national gold output reached 224.050 tons,
China's gold industry, "15" plan, requested in 2006 to
about 240 tons of gold output, we can see, China must quickly a substantial increase
in gold production of space has not.
  China's proven reserves of gold from 4000 to 5000 tons, accounting for
10% of the world's proven reserves to current production rate can be
maintained 22 to 28 years.
(7) lower private savings amount of lack of awareness of gold investment
  Since the founding of new China, the Chinese government has strict control over the
gold industry, gold mining and refining production enterprises shall gold, all sold to
Bank of China, after approval by the People's Bank of placing links to the
various units of gold.
  In 1982, gold jewelry sold in the domestic recovery, to Bank of China started to
issue gold coins to mark the panda, China's opening up gold and silver
markets as a first step, in November 1999, the Chinese silver market open and closed
half a century of silver free Trading lifting the ban, the Shanghai Nonferrous Metals
Spot Center Watertown became the only silver wholesale spot market. Silver as the
gold market liberalization and opening up "preview." April
2001, central bank governor Dai announced the cancellation of gold
"monopoly purchase and allocation" scheme management
system, set up in Shanghai Gold Exchange. In the same year in June, the central bank
started quotation system, the price of gold week, according to the international market
against the domestic gold price changes, adjustments. Then gold jewelry, gold
concentrate, gold ore and gold and silver prices all open.
  October 30, 2002 officially opened the Shanghai Gold Exchange marked the full
liberalization of the Chinese gold market and gold investing gradually into the
community at large, gold investment in China, ushering in a new beginning.
  Currently, the total stock of gold in China is approximately 4000-5000 tonnes. This
includes the central bank's gold reserves and non-public ownership of gold
products.
China's domestic demand for gold jewelry consumption demand has been
mainly based on annual sales in China have become the gold most gold jewelry,
industrial, medical, scientific research, industry accounted for small proportion of
consumer demand, while financial investment gold Demand is still just beginning,
even a small proportion of the poor. Chinese people's understanding and
awareness of the gold remained in the first jewelry more knowledge on the function of
financial investment in gold know little about, gold is very low financial investment
participation.
  A variety of historical reasons and the reasons for the financial system, resulting in
products in mainland China's per capita is only 3.5 grams of gold status. At
present, China's per capita annual consumption of gold is only 0.2 grams,
consumption concentrated in the gold jewelry on, and Hong Kong, Taiwan and
Western countries, the level of disparities (United Arab Emirates, the largest per
capita consumer of gold, 30 grams), from the Indian per capita of about level of 1
gram a great distance. The next few years China is expected from the previous gold
consumption increased from around 200 tons per year from 400 to 500 tons, which is
the international gold market prices will have a very significant impact. Looking at
China's domestic situation, the national gold reserves of the lack of
long-term planning, common sense people invest in gold, increasing the value of the
financial crisis, inflation is far from understanding the function. However, domestic
public investment in gold in the sense of being awake, the demand from the
investment point of view, the Chinese gold market in the completely open, he will
make the world once again surprised, the Chinese people in the gold investment
capacity of financial markets should not be underestimated.

				
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