China to simplify rules for cross-border gold trade

Beijing

CHINA, the largest gold producer and consumer, is simplifying procedures for cross-border trade, a move that may speed up imports.

The central bank and customs will allow companies that have "frequent imports and exports" of gold and gold products to apply for a single permit that can be used in as many as 12 shipments, the People's Bank of China said. The trial to simplify the rules takes effect from June 1 and applies to Beijing, Shanghai, Guangzhou, Qingdao, Nanjing and Shenzhen, it said in a statement.