The UK (LBMA) used to export silver to China (and/or Hong Kong) when the Shanghai Gold Exchange's (SGE's) premium to LBMA spot was 4% or greater. That apparently stopped happening around 2023.
The SGE maintained healthy premiums to LBMA spot throughout 2024 and most of 2025 and the UK (LBMA) exported essentially zero silver to China and Hong Kong.
When the SGE maintains high premiums to LBMA spot, there is free money on the table for Chinese bullion banks to buy silver cheap in London (LBMA OTC market), ship it to China, recast it into SGE spec kilo bars, sell it on the SGE for a higher price and pocket the arb/difference.
In late 2025, the SGE premium to LBMA spot blew out to 10%+ while vault stock for the SGE has fallen dangerously low.
It really makes you wonder what the LBMA member Chinese bullion banks (there are 10 of them - greater than 10% of the total LBMA membership) are doing right now!