The Central Bank of China announced the simplification of the procedure for the import of gold into the country. Since April 1, foreign mining companies will be able to directly import precious metal into China. Recall that at the moment there is a rule in the country according to which only 15 banks have the right to import gold, because of which metal buyers in China pay a high commission to ensure the delivery of gold.
Local sources say that the new measure of the Central Bank will help reduce the mark-up on gold. In addition, there is expected to increase competition among traders, which will also entail a fall in prices for buyers.
However, representatives of the World Gold Council (WGC) argue that the new rules will not lead to a significant increase in gold imports, although they say the possibility of an increase in this indicator by 11% this year. This will happen due to the sale of stocks, accumulated back in 2013.