PBC to stop approving gold trade

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Last updated at: (Beijing Time) Monday, December 29, 2003

PBC to stop approving gold trade

Chin's central bank, the People's Bank of China (PBC), will no longer examine and approve imports and exports of gold and gold products, starting Jan. 1, 2004, the PBC has announced.

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Chin's central bank, the People's Bank of China (PBC), will no longer examine and approve imports and exports of gold and gold products, starting Jan. 1, 2004, the PBC has announced.

It also said China's customs will no longer give clearance to these products, at the PBC's instructions.

A PBC official said this measure was taken to meet the demands of China's entry into the WTO, as well as to follow the international practice.

The trading of gold and gold products, as special commodities, has traditionally been overseen by the PBC and relevant departments, according to the official.

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