China has partially lifted restrictions on imports of gold, bullion industry sou...
LONDON/BEIJING - China has partially lifted restrictions on imports of gold, bullion industry sources said, loosening curbs that had stopped an estimated 300-500 tonnes of the metal worth $15-25 billion at current prices from entering the country since May.
China’s central bank had for several months curtailed or not granted import quotas to commercial banks responsible for most of the gold that enters the country, Reuters reported last week. Chinese demand for gold jewelry, investment bars and coins has trebled in the last two decades as the country has rapidly become wealthier. China’s official gold reserves meanwhile rose fivefold to nearly 2,000 tonnes, according to official data.
No clear data for capital outflows exist but a measure from China’s balance of payments called errors and omissions points to $88 billion leaving in the first three months of this year, the most on record. aCNCNXXZIQ
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