China may have 1,000 tonnes of gold tied in financing: WGC

SINGAPORE: Chinese firms could have locked up as much as 1,000 tonnes of gold in financing deals, an industry report said, indicating a big a slice of imports has been used to raise funds due to tight credit conditions, rather than to meet consumer demand.

The financing-related buying in the world's biggest bullion consumer means gold prices could come under pressure if imports are hit by a broader government crackdown on using commodities to raise finance.