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China lifts temporary curbs on gold imports as renminbi recovers
By Cheng Leng and Harry Dempsey
Financial Times, London
Monday, September 18, 2023
China's central bank has lifted temporary curbs on gold imports that were imposed on some lenders in a bid to defend the renminbi but caused the price of the precious metal to rise in the country.
The spread between the Shanghai gold price and London hit a record $121 per troy ounce last Thursday, according to calculations based on public traded prices.
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The spread narrowed to $76 today after the People's Bank of China relaxed curbs on imports of the precious metal last week, said people familiar with the informal order given to some state and midsized commercial banks.
China in August had reduced and stopped granting quotas for international gold imports by banks to ease a rush in purchases to hedge against a weaker domestic currency. The renminbi fell to its lowest point against the dollar in 16 years in early September after the release of disappointing economic data. ...
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