China to ease gold trade restrictions - central bank
BEIJING, Sept 30
BEIJING, Sept 30 (Reuters) - China's central bank is planning to increase the number of firms allowed to import and export gold and will also ease restrictions on individual buyers of the precious metal, according to a draft policy document issued on Monday.
The People's Bank of China said on its website (www.pbc.gov.cn) that the new rules would allow bank members of the Shanghai Gold Exchange as well as gold producers with an annual output of more than 10 tonnes to apply for import and export licenses.
Trade is currently restricted to just nine banks.
China is the world's second biggest gold consumer behind India, with consumption of 817.5 tonnes in 2012, according to the World Gold Council.
(Reporting by David Stanway in Beijing and A. Ananthalakshmi in Singapore; Editing by Richard Pullin)
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