You are here
China loosens gold import quotas to slow yuan rally
From Reuters
Thursday, May 8, 2025
China's central bank has approved foreign exchange purchases by some commercial banks to pay for gold imports under recently increased quotas, two people with direct knowledge of the matter said Wednesday.
The People's Bank of China's gold import quotas for the country's big banks determine how much bullion enters the world's leading consumer of the precious metal. It has in the past tweaked these quotas to help calibrate demand for dollars.
... Dispatch continues below ...
... ADVERTISEMENT ...
First Majestic Announces Q1 Results with Record Cash Position
Company Announcement
Wednesday, May 7, 2025
Vancouver, British Columbia, Canada -- First Majestic Silver Corp. (NYSE:AG) (TSX:AG) (FSE:FMV) is pleased to announce the company's unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2025. ...
"Our robust production for Q1 has yielded strong financial performance for the quarter," President and CEO Keith Neumeyer said. "We have hit multiple record financial metrics including a record $110 million in cash flow from operations and the highest treasury balance in the company's 21+-year history, our balance sheet has never been stronger, and we are on track to have a stellar year. Our focus remains to deliver on our commitments in producing safe and profitable ounces." ...
... For the remainder of the announcement:
The sources said the PBOC raised such quotas for gold imports last month and has now also allowed the banks to buy the dollars to fund these gold imports.
The move comes on the heels of a raft of stimulus measures announced Wednesday by Chinese authorities, including interest rate cuts and a major liquidity injection, as Beijing steps up efforts to soften the economic damage caused by the trade war with the United States.
It could help lenders meet a significantly increased appetite for gold while slowing the pace of yuan appreciation, one of the sources said. ...
... For the remainder of the report:
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
Donations of $250 will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png
