The bank sold seven tons of physical gold in January, compared with 15 tons of gold bullion sold in all of 2010. Additionally, the Chinese imports of gold in 2010 increased five times from the amount imported in 2009.
The inflation rate in China has hit 4.9 percent in January, a substantial jump from January of last year.
Despite the increase in demand from China, gold coins are still within four percent of their record January 3 price. The price of gold coins is expected to increase in the next few weeks due to inflation concerns in the United States and China as well as government unrest in the Middle East.
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