For the first time in history, the Chinese authorities issued licenses for the import of gold to two foreign banks working on the territory of China. Anz and HSBC have become happy owners of permits for the import of precious metal into China. This step in the country's government was explained by the desire to reduce the cost of gold in the domestic market.
Until this moment, only nine state banks in China could import gold. Today, given the fact that another Chinese bank Everbright Bank was a license, the total number of companies entitled to buy gold in the PRC has grown to 12.
The provision of new licenses is expected to loosen the restrictions on the trade in ingots. However, experts have doubts about the effectiveness of such a step for the fall of internal prices, inflated by quotas accepted in early 2013 and supermanding restrictions. Today, the cost of gold in China is the highest in Asia.
According to other analysts, an increase in the number of “elected” banks is a clear signal of the growing physical demand for gold inside China and the government’s desire to create more transparent pricing conditions.
Foreign banks for the first time in the history of China received the right to import gold
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Azovpromstal® 15 January 2014 г. 16:58 |
