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China eases gold trade rules in 6 cities
By Leng Cheng
Thursday, May 5, 2016
China will relax rules for cross-border trading of gold in six cities as the world's biggest gold consumer and producer hopes this move will increase bullion imports.
Gold companies will be able to clear customs up to 12 times with just one permit after the rules are eased, a joint statement by the People's Bank of China and the General Administration of Customs said yesterday. The current rules force the companies to apply permits for every import or export of the gold.
The rules will be effective from June 1 in the six cities of Shanghai, Beijing, Guangzhou, Nanjing, Qingdao, and Shenzhen, the statement said.
"The new measure will simplify the approval procedures and improve the gold trading environment," the statement said.
The eased rules followed the setting up of a yuan-denominated gold fix in the Shanghai Gold Exchange two weeks ago in a bid to help China join London and New York as a global hub for bullion trading, said SGE Chairman Jiao Jinpu.
Gold consumption in China has been climbing as rising incomes and economic growth boost purchases of jewelry, bars and coins.
The gold consumption totaled 985.9 tons last year. Output stood at 450.1 tons in 2015, according to figures from the China Gold Association.
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