Ray Jia
Research Head, China World Gold CouncilChina’s gold market in June: Chinese gold ETF holdings rose despite a fall in the gold price
International gold prices fell steeply in June. The weakness in the gold price can be largely attributed to the more-hawkish-than-expected monetary-tightening signals from the US Federal Reserve’s meeting on 18 June. But the decline in the RMB gold price was narrower than that of the USD gold price, thanks to a 1.6% depreciation in the CNY against the dollar last month.