If there was a recession in China, would people still buy gold?

I think, if the Chinese economy imploded, it is likely that the currency would begin the weaken (the Yuan). Or that the government would implement a devaluation of the Yuan. If that were the case, I think that Chinese individual investors would rather shift of their money in gold (which they can buy in China nowadays) then keep the funds in the local currency. I think that trouble in Asia and geopolitical unrest in Asia, along with [economic] problems in the rest of the world, may actually lead to higher gold demand rather than lower gold demand.

- Source:

http://etfdailynews.com/2014/03/05/marc-faber-gold-is-one-of-the-few-cheap-assets/