Luxury watches have become the main goods exchanged for cash in Beijing pawnshops in recent years - and business is booming.

At Baoruitong Pawn Shop, which is one of the oldest pawnshops in Beijing, watches on sale in the pawnshop for between 200,000 and 400,000 yuan, represent about 30 percent of its personal goods business, according to Xie Yifan, the director of civilian goods.

"The increase in luxury watches reflects the economic growth of society," Xie said.