China to further open gold market

The People's Bank of China has stopped taking in gold of purity below 99.95 percent from Chinese firms in a small step to open the precious metals sector further, industry officials have said.

Firms would have to refine the sub-standard gold so that they could trade the precious metal on the Shanghai Gold Exchange, where 99.95 percent and 99.99 percent gold can be bought or sold, officials from the central bank and exchange told Reuters.

The latest move by the central People's Bank of China,

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