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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: Rocket Red who wrote (3413)12/22/2005 2:45:30 AM
From: Proud Deplorable   of 78416
 
Central bank may lift curbs on gold products
Richard Fu
2005-12-22 Beijing Time
THE People's Bank of China said it's considering lifting restrictions on imports and exports of gold products, something only allowed at the country's four biggest state-controlled banks and six companies.

According to a draft rule posted on the Website of the People's Bank of China, applicants for a license to import and export gold are required to have registered capital of at least 30 million yuan (US$3.71 million) and no criminal record in the past two years.

The central bank said it will carry out public consultations with gold producers, traders and individuals on draft guidelines until January 4.

According to the draft, all companies will have to submit detailed reports on gold products that include purity, weight and the purpose of the deal.

Before 2003, the central bank was the sole organization that could import gold products. The Bank of China, the Industrial & Commercial Bank of China, the China Construction Bank and the Agricultural Bank of China were given a license later.

Last year, the central bank granted that right to six other companies including China National Pearl Diamond Gem & Jewelry Import & Export Corp.

In May 2003, the central bank abolished the administrative approval procedure for several items like gold product manufacturing, processing, wholesale and retail businesses.
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