China reduces paperwork for gold exporters

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

China’s central bank and customs authority said on Tuesday they would simplify procedures for companies exporting gold, following a slump in domestic demand for the metal.

The economic fallout from the coronavirus pandemic led dealers to sell gold in China, the world’s largest bullion consumer, at massive discounts versus the international spot prices.

Companies applying to export gold no longer need to submit physical gold inventory certificates approved by the State Council, China’s cabinet, or gold production capacity certificates, the central bank said.

The People’s Bank of China and the General Administration of Customs said in a statement the changes were aimed at reducing paperwork to make the process more convenient. Analysts said they were unlikely to have a significant impact on gold flows.

China has strict controls on exporting gold, and typically consumes much more gold than it produces.

But prices in the country in April fell as much as $70 an ounce below international prices – the biggest discount since Reuters records going back to at least 2014 – and are now around $20 below international rates.

In April, China’s exports of gold via Hong Kong exceeded its gold imports via the territory for the first time since at least 2011, and Switzerland, which usually sends tens of tonnes of gold to China every month, shipped no metal to the country at all.

This article was originally posted on finance.yahoo.com/news/.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Which Shows of 2020 Will Make You Go Crazy?

Which Shows of 2020 Will Make You Go Crazy?It is easy to become jaded about the hottest shows of today but the truth...

Understanding Mesothelioma Causes

Some people have the misconception that mesothelioma causes are limited to the overall machinations of a person's respiratory system. Some people think this is...

How to Wear Business Casual Clothes

Business casual is a phrase that is thrown around quite a bit. It can mean many different things, but one thing it always means...

Accolade Is Latest To Join Health Service IPO Bandwagon

To launch a successful IPO in the current market environment, it seems to help to be a fast-growing health care services provider. Shares of One Medical,...

Opinion: S&P 500 charts are telling stock investors to downshift into a slower gear

Stock market investors have reached nirvana. Governments have socialized losses but kept gains private. American society is being set up for endless profits in the...
Home of Science
Follow me