Gold trading between Hong Kong and China is expected to rise with the People's Bank of China announcing today a rule change from June 1 to simplify cross-border shipment procedures that would help speed up gold imports into the country.
Companies that frequently import and export gold and gold products will be allowed to apply for a single permit that can be used for up to 12 shipments, the central bank said in a statement on its website.
China currently has only 15 authorised gold importers, including major banks such ICBC, which need to register every single shipment.
Gold traders said the rule change would benefit not just mainland Chinese gold importers but also Hong Kong gold traders that deal with mainland importers. ...
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