Gold imports into China have soared this year, turning the country, already the largest bullion miner, into a major overseas buyer for the first time in recent memory.

　　中國今年黃金進口量激增，使這個全球最大的黃金開采國近年來首次成為一大海外買家。

　　The surge, which comes as Chinese investors look for insurance against rising inflation and currency appreciation, puts China on track to overtake India as the world’s largest consumer of gold and a powerful force in global prices.

　　黃金進口激增之際，中國投資者正針對通脹抬頭和匯率升值而尋求“投保”，這使中國有望超越印度，成為全球最大的黃金消費國，以及影響金價的一股強大力量。

　　The size of the imports – more than 209 tonnes of gold during the first 10 months of the year, a five-fold increase from an estimate of 45 tonnes last year – was revealed on Thursday. In the past, China has kept the number secret.

　　中國黃金進口的規模是在周四公布的，數據顯示，中國在今年前10個月進口逾209噸黃金，是去年估計為45噸的進口量的五倍。以往中國的黃金進口數據是保密的。

　　“Investment is really driving demand for gold,” said Cai Minggang, at the Beijing Precious Metals Exchange. “People don’t have any better investment options. Look at the stock market, or the property market – you could make huge losses there.”

　　“真正推動黃金需求的是投資，”北京貴金屬交易所(Beijing Precious Metals Exchange)的蔡明剛（音）表示。“人們沒有更好的投資選擇。看看股市或樓市，你在那里可能遭受嚴重虧損。”

　　Beijing has encouraged retail consumption, with an announcement in August of measures to promote and regulate the local market, including expanding the banks allowed to import bullion.

　　北京方面鼓勵零售消費，8月份曾宣布出臺相關措施，以促進和規范當地市場，包括允許更多銀行進口黃金。

　　Shen Xiangrong, chairman of the Shanghai Gold Exchange, who disclosed the import numbers, said uncertainties about the Chinese and global economies, and inflationary expectations, had “made gold, as a hedging tool, very popular”.

　　透露上述黃金進口數據的上海黃金交易所(Shanghai Gold Exchange)理事長沈祥榮表示，圍繞中國乃至全球經濟的不確定性，加上通脹預期，使作為對沖工具的黃金深受歡迎。

　　The rise in Chinese demand could further inflate gold prices. Bullion hit a nominal all-time high of $1,424.10 a troy ounce last month. But adjusted for inflation, prices are far from the 1980 peak of $2,300.

　　中國需求的上升可能進一步推高金價。上個月，金價創下每金衡盎司1424.10美元的名義歷史高點。但經通脹因素調整后，金價仍遠低于1980年達到的每盎司2300美元的峰值。

　　“The trend is undeniable – gold demand in China is rising rapidly,” said Walter de Wet, of Standard Bank in London.

　　“這一趨勢是不容否認的——中國的黃金需求正在快速上升，”標準銀行(Standard Bank)駐倫敦的魏文德(Walter de Wet)表示。

　　China surpassed South Africa three years ago as the world’s largest producer.

　　中國三年前超越南非，成為全球最大黃金生產國。

　　The market upswing has prompted an increase in gold scams in Hong Kong, according to industry executives. The counterfeits have shocked the Chinese territory’s gold community not because of the amounts involved – between 200 and 2,000 ounces – but because of their sophistication.

　　與此同時，據業內高管介紹，市場漲勢已引發香港的黃金騙局增加。假黃金震動了香港黃金界，原因不在于數量（200至2000盎司），而在于其技術含量。

　　In one case, executives discovered a coating advertised as pure gold that masked a complex alloy, which included rare metals such as osmium, iridium, ruthenium and rhodium.

　　在一個案例中，業內高管發現一種號稱純金的涂層其實是一種復雜的合金，含有鋨、銥、釕、銠等稀有金屬。