Valuations of Chinese gold 鉱夫s 殺到する, 反抗するing dull gold price
GRAPHIC: Chinese gold 需要・要求する: http://link.reuters.com/cev93w By Ryan 支持を得ようと努める and Patturaja Murugaboopathy Feb 13 (Reuters) - 在庫／株 valuations of gold 鉱夫s in 中国, the world's largest 生産者 of the metal, have climbed to multi-year highs, a surprise on the 直面する of it given that the country's 需要・要求する fell in 2014 for the first time in over a １０年間.
The median price-to-収入s 割合 of Zijin 採掘 , Shandong Gold 採掘, Zhongjin Gold , Chenzhou 採掘, JinGuyuan and Shandong Humon Smelting - the six 名簿（に載せる）／表（にあげる）d Chinese gold 採掘 companies that are 収入 a 利益（をあげる） - has risen to 57.4, the highest in five years, Thomson Reuters data shows. That compares with 22.1 a year ago.
The lofty valuations are 跡をつけるing 伸び（る）s in the wider market. The CSI300 索引 of the largest 名簿（に載せる）／表（にあげる）d companies in Shanghai and Shenzhen has jumped 50 パーセント over the past year, ブイ，浮標d by hopes for 経済的な 刺激 対策. Earlier this month, the central bank 減ずるd the 量 of cash that banks must 持つ／拘留する as reserves, 上げるing liquidity in the 財政上の system. In November, it made a surprise 削減（する） in （判断の）基準 利益／興味 率s.
Gold 根底となるs paint a different picture. Gold prices have fallen about 5 パーセント over the past 12 months and at about $1,230 an ounce are 井戸／弁護士席 below a 2011 頂点（に達する） 近づく $2,000. Chinese 需要・要求する last year fell nearly one-third, data from GFMS at Thomson Reuters shows. It was the first 減少（する） in 12 years, as an anti-汚職，収賄 運動 by the 政府 eroded sales of jewellery and precious metals, 追加するing t o the 衝撃 of slowing 経済成長.
With gold 消費 負かす／撃墜する, and prices and 利益（をあげる）s 比較して low, 鉱夫s are working hard to 改善する efficiency and 削減（する） waste, 中国's 産業 省 said on Wednesday. 普通の／平均（する） 生産／産物 costs have risen 12 パーセント over the past year, 運動ing out some smaller 生産者s. "Low-grade, high-cost gold 採掘 企業s will 直面する bigger operating 圧力s," it said. (報告（する）／憶測ing by Ryan 支持を得ようと努める in SINGAPORE and Patturaja Murugaboopathy in BENGALURU; 付加 報告（する）／憶測ing by David Stanway in BEIJING; Editing by Edmund Klamann)
