4:18 PM
CHINA'S central bank circulated a draft plan to ease restrictions on gold imports, people with knowledge of the matter said, in a move that might lead to lower prices in the biggest market for bullion.
The People's Bank of China (PBoC) drafted a plan that would open up gold imports to qualified miners, as well as all the banks that were members of the Shanghai Gold Exchange, according to the people, who asked not to be identified because the proposal had not been made public. China Gold Coin, a maker of commemorative gold and silver coins, could also qualify to import bullion, they said.
Chinese regulators are pushing to open up the country's gold trade and lure foreign investors as part of its broader effort to link the mainland to global markets. The country began offering international institutions access to yuan-denominated gold contracts in Shanghai's free-trade zone in September, a move that may extend its influence over prices while boosting the role of its currency in global trade.
The move may further cut the premium Chinese buyers pay for gold. That spread has averaged $2.74 (R30.57) an ounce so far this year, down from an average premium of $18.75 last year, according to calculations of the difference between benchmark prices in London and contracts traded on the Shanghai Gold Exchange.
The People's Bank of China (PBoC) drafted a plan that would open up gold imports to qualified miners, as well as all the banks that were members of the Shanghai Gold Exchange, according to the people, who asked not to be identified because the proposal had not been made public. China Gold Coin, a maker of commemorative gold and silver coins, could also qualify to import bullion, they said.
Chinese regulators are pushing to open up the country's gold trade and lure foreign investors as part of its broader effort to link the mainland to global markets. The country began offering international institutions access to yuan-denominated gold contracts in Shanghai's free-trade zone in September, a move that may extend its influence over prices while boosting the role of its currency in global trade.
The move may further cut the premium Chinese buyers pay for gold. That spread has averaged $2.74 (R30.57) an ounce so far this year, down from an average premium of $18.75 last year, according to calculations of the difference between benchmark prices in London and contracts traded on the Shanghai Gold Exchange.
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