Why is American futures gold much more expensive than China?

You calculate in constant ounces.

Constant ounce: a unit of weight. The overall abbreviation is oz.av

1 oz = 28.350g.

1 oz = 16 dram.

16 oz = 1 lb (pound)

Gold is bought and sold in troy ounces.

Troy ounce: A unit of weight. The overall abbreviations are oz.tr (English) and oz.t (USA). Common in the measurement of precious metals such as gold and silver.

1 oz = 31.1035g.

12 oz = 1 lb.

189.12 RMB× 28.35÷31.1035 =172.38 RMB.

Is it reasonable to look at it this way?

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