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Politics : Technical Analysis
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From: lorne1/15/2014 8:20:46 PM
   of 14245
 
China allows foreign banks to import gold for the first time

Thursday, January 16, 2014
thestandard.com.hk

China has granted licenses to import gold to two foreign banks for the first time, sources said, as moves to open the world's biggest physical bullion market gather pace.
Allowing more banks to import gold could increase the supply of the metal in the mainland, easing local prices that are higher than in most Asian nations.

China's gold imports more than doubled last year to exceed 1,000 tonnes - ousting India as the biggest global buyer - as demand soared to unprecedented levels due to the first drop in international prices in 13 years.

ANZ and HSBC Holdings (0005) were awarded import licenses late last year, two sources with direct knowledge of the matter said. Other trading sources said China Everbright Bank has also received approval to join the nine local banks already allowed to import gold.


Beijing strictly controls how much the banks import through a quota system. " I think there will possibly be further access to other banks as well," said Cameron Alexander at metals consultancy GFMS. Premiums in China tend to be higher, as supply is tighter than other parts of Asia due to the quota system and the limited number of import licenses. Premiums are currently about US$15 (HK$117) an ounce over London prices compared with less than US$2 in Singapore and Hong Kong.

China imported 1,060 tonnes of gold through Hong Kong in the first 11 months of 2013. REUTERS
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