by Leng Cheng
CHINA will relax rules for cross-border trading of gold in six cities as the world’s biggest gold consumer and producer hopes this move will increase bullion imports.
Gold companies will be able to clear customs up to 12 times with just one permit after the rules are eased, a joint statement by the People’s Bank of China and the General Administration of Customs said yesterday. The current rules force the companies to apply permits for every import or export of the gold.
The rules will be effective from June 1 in the six cities of Shanghai, Beijing, Guangzhou, Nanjing, Qingdao and Shenzhen, the statement said.