BEIJING (Reuters) -China is seeking public feedback on a proposal to make it easier to import and export gold and gold products by streamlining the licence system, its central bank said on Friday.
The world’s top gold consumer intends to expand the number of customs authorities that are eligible to manage the “Non-one-batch-one-licence” for gold products to 15 from 10 previously, People’s Bank of China said in a statement.
“Non-one-batch-one-licence” means that the same licence can be used for more than one customs clearance as long as this does not exceed the prescribed quantity, the central bank said.
“The validity period of permit is extended and there is no limit on the number of times the licence could be used within effective period,” it said.
The “Non-one-batch-one-licence” will be valid for nine months, according to the document. Typically such licences expire in six months.
Gold prices have staged a record-breaking rally this week driven by growing geopolitical uncertainty, heightened expectations of a U.S. interest rate cut this month and persistent central bank buying.
Gold has climbed by 33% so far this year.
“The new proposal is just to simplify some procedures to make it more convenient for gold imports, but it does not mean that imports will be on the rise afterwards,” said an industry expert on condition of anonymity due to the sensitivity of the matter.
“The central bank has the final say on the import volumes.”
(Reporting by Beijing newsroom. Editing by Jane Merriman)
