China may allow more gold importers

China may allow more gold importers

The People's Bank of China said on its website that the Chinese government MIGHT allow more companies to import and export gold based on the draft rules released by the central bank on 30th September. The new rules stated that financial institutions and firms that produce more than 10 metric tons of gold annually maybe considered to import and export the precious metal. Analysts said the new rule could open China to more gold trading participants although details on who can qualify have not been released yet. China is poised to overtake India as the world's largest gold consumer this year with consumption jumping 29% to reach 1,000 tons.

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