Central Banking

Chinese CBank announces gold market liberalisation

According to a May 3 report by the Chinese official newspaper, The People's Daily, China intends to abolish its planned management system for the unified purchase and distribution of gold and to set up a gold market in its place.

Dai Xianglong, governor of People's Bank of China said the key contents of the reform include cancellation of the planned management of gold and setting up a gold swaps market in Shanghai in the form of a membership system. It will also relax control on gold import