Pursuits
Chinese Savers Turn to Gold as Rest of the World Exits Holdings
- Bullion buying jumps after stock-market losses burn investors
- Ignoring price drop, some Chinese see metal as best of assets
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Even as investors shed gold holdings almost everywhere else in the world, Chinese savers like Hu Jingjing are buying.
Stung by a $5 trillion stock-market collapse, an overbuilt property market and a devaluation of the yuan, Chinese investors are adding to bullion holdings that have already made them the world’s largest consumers of the metal. A third straight annual decline in prices has failed to deter purchases, partly because there are few attractive alternatives for preserving assets.