China's May net gold imports via Hong Kong tumble more than 50% vs April

China's net gold imports via Hong Kong in May slumped over 50% from the previous month, data showed on Tuesday, as market participants said restrictions on import quotas for banks had kicked in.

Net imports via Hong Kong to China, the world's top consumer of the metal, decreased to 21.733 tonnes in May from 43.837 tonnes in April, according to data from the Hong Kong Census and Statistics Department.

The slump in gold imports reflected restrictions placed on import quotas for banks, a bullion trader based in Shanghai said.

Total gold imports via Hong Kong fell 48% to 25.329 tonnes last month from 48.687 tonnes in April.