China Devaluation Sparks Gold Buying Everywhere -- Except China
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After last week’s surprise yuan devaluation investors everywhere were eager to buy gold as a haven. Everywhere, that is, except in China.
Huaan Yifu Gold ETF, the bullion exchange-traded product with the biggest volume in China over the past month, posted a third straight weekly outflow as of Aug. 14. The withdrawal came even as global ETPs posted the first increase of assets since late June. Holdings in the Chinese fund are heading for the first monthly loss since April.