China eases restrictions on gold imports, sources tell Reuters

Section:

By Peter Hobson and Yawen Chen
Reuters
Thursday, August 22, 2019

China has partially lifted restrictions on imports of gold, bullion industry sources said, loosening curbs that had stopped an estimated 300-500 tonnes of the metal worth $15-25 billion at current prices from entering the country since May.

China's central bank had for several months curtailed or not granted import quotas to commercial banks responsible for most of the gold that enters the country, Reuters reported last week.

... Dispatch continues below ...


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Sources said those measures had possibly been designed to reduce capital outflows and bolster the yuan, which has slumped to 11-year lows against the dollar as a trade dispute with the United States batters China's economy. CNY=CFXS

The central bank began to issue quotas again last week, but for lower amounts of gold than considered normal, three people with direct knowledge of the matter in London and Asia said - without specifying exact amounts. ...

... For the remainder of the report:

https://www.reuters.com/article/us-china-gold/china-eases-restrictions-o...

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