We already know that Chinese imports of HK gold passed all records in the month of April. It appears that the precious metal is not the only hard asset that China has set its sights on.
China imported a net 25.3 million metric tons of crude in May, or 5.98 million barrels a day, up 10 percent from April, customs data showed yesterday. The previous record was 5.87 million barrels a day in February. Purchases cost an average of $120 a barrel, compared with about $123 in April, the data showed.
Perhaps it is not worth pointing out that one thing China is seemingly not hoarding is the USD.