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However, Hong Kong's trade data only provides a partial picture of Chinese gold demand. While direct mainland imports are down, they are not as severe as flows from the island. According to customs data from Switzerland, 43.7 tonnes of gold was exported to mainland China, down slightly from 44 tonnes in September.
In another sign of a healthy market, Fritsch noted that gold imports from Switzerland have increased 70% in the first ten months of 2022 compared with last year.
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