This is the story of how the Chinese central bank manipulates premiums on gold traded over the Shanghai Gold Exchange.
Evidence suggests that since 2017 the Chinese central bank is artificially elevating premiums on gold traded at the Shanghai Gold Exchange ((SGE)) by roughly 0.5%.
A Reuters article from August 14, 2019, stating the Chinese central bank was blocking "300-500 tonnes" of gold from being imported into the Chinese domestic market, can be refuted by putting the gold premiums in Shanghai into context. According to my analysis, very little gold was blocked from being imported