China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
It may not be quite the same as hitting the local ATM, but China is making it easier for consumers to buy bullion.
AFP reported on Sunday that the Beijing Agricultural Commercial Bank and a gold trading company have installed China’s first gold vending machine in a busy shopping district of Beijing:
Shoppers in the popular Wangfujing Street can insert cash or use a bank card to withdraw gold bars or coins of various weights based on market prices, the People’s Daily said on its website.
Each withdrawal is capped at 2.5 kilograms (5.5 pounds) or one million yuan (about $156,500) worth of gold, the report said.
Gold vending machines already exist in Europe, Britain, the Middle East and the United States, notes AFP.
MINING.com reported in July that gold vending machines are to be placed in every major city in Britain after the country’s first Gold to Go ATM was switched on in a West London shopping centre.
The machines are catching on as more consumers are apt to buy bullion as a hedge against inflation, particularly in China, where prices rose by 6.2% in August.
China is the world’s second largest bullion consumer behind India. The World Gold Council says gold demand in China is likely to top a record 200 metric tons this year.
