China central bank unveils steps to develop gold market
Published: Tuesday, Aug 3, 2010, 15:15 IST
Place: Beijing | Agency: Reuters
China will allow its banks to export and import more gold as part of a programme to push forward the development of the country's market in the precious metal, the central bank said today.
The People's Bank of China, in a statement on its website, also said that it would allow banks to hedge their positions in gold in overseas markets.
It added that it would urge banks to lend more to domestic gold firms looking to go abroad, while also actively developing more yuan-denominated gold derivatives.
Published: Tuesday, Aug 3, 2010, 15:15 IST
Place: Beijing | Agency: Reuters
China will allow its banks to export and import more gold as part of a programme to push forward the development of the country's market in the precious metal, the central bank said today.
The People's Bank of China, in a statement on its website, also said that it would allow banks to hedge their positions in gold in overseas markets.
It added that it would urge banks to lend more to domestic gold firms looking to go abroad, while also actively developing more yuan-denominated gold derivatives.