×
66 299
Fashion Jobs
NEWELL
Senior Manager, Revenue Growth Management
Permanent · ATLANTA
COLUMBIA SPORTSWEAR COMPANY
Global Buyer ii
Permanent · PORTLAND
NORDSTROM
Asset Protection - Agent - Westfield Culver City Rack
Permanent · Culver City
NORDSTROM
Retail Stock - Carmel Mountain Plaza Rack
Permanent · San Diego
BLOOMINGDALE'S
Asset Protection Outlet Supervisor, Full Time - Bergen tc
Permanent · PARAMUS
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Bloomie's
Permanent · FAIRFAX
COTY
Sales Development Executive
Permanent · New York
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Phoenix
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Phoenix
AMERICAN EAGLE OUTFITTERS
Purchasing Specialist
Permanent · HAZLE TOWNSHIP
WHITE HOUSE BLACK MARKET
Part Time Manager - White House Black Market
Permanent · CLINTON TOWNSHIP
WHITE HOUSE BLACK MARKET
Stock Support Associate - White House Black Market
Permanent · CHERRY HILL
MICHAEL KORS
Full-Time Sales Supervisor, Streets at Southpoint Mall; Durham, nc
Permanent · Durham
DESIGNER BRANDS
sr. Director, International Business Development - Keds (Remote)
Permanent · Waltham
DESIGNER BRANDS
sr. Financial Analyst, Supply Chain (Remote)
Permanent · Columbus
DESIGNER BRANDS
Manager, fp&a - Demand & Net Sales (Hybrid)
Permanent · Columbus
DESIGNER BRANDS
CRM Specialist-Remote
Permanent · Columbus
DESIGNER BRANDS
Manager, fp&a - Margin & Marketing (Hybrid)
Permanent · Columbus
THE REALREAL
Sales Account Manager (Account Luxury Manager) - Agoura Hills
Permanent · Los Angeles
THE REALREAL
Sales Account Manager (Account Luxury Manager) - Calabasas
Permanent · Los Angeles
THE REALREAL
Sales Account Manager (Account Luxury Manager) - West Valley (Thousand Oaks)
Permanent · Los Angeles
TJ MAXX
Loss Prevention Detective
Permanent · Redondo Beach
By
AFP
Published
Aug 4, 2010
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

China moves to further liberalise gold market

By
AFP
Published
Aug 4, 2010

© 2010 AFP - China has moved to further free up the nation's gold market by allowing more commercial banks to import and export the precious metal, as rising prices for bullion and tumbling stock markets spur demand.


A gold shop employee shows a one-kilogramme gold bar in Jinan, China. Photo : Corbis

Liberalising the gold market will "help improve the competitiveness of financial markets" and "help expand investment channels to meet domestic investor needs," the People's Bank of China said in a statement issued Tuesday.

The announcement helped push gold spot prices higher. In Hong Kong the precious metal opened higher at 1,191.00-1,192.00 US dollars an ounce, up from Tuesday's close of 1,182.50-1,183.50 dollars.

China is the world's top gold producer and number two consumer after India.

It allows the big four state-owned banks -- Bank of China, Industrial and Commercial Bank of China, Agricultural Bank and Construction Bank -- to trade gold bars. It is unclear whether any other banks are also allowed to trade the precious metal.

Policymakers also said they would consider allowing qualified foreign bullion suppliers to provide the metal to the Shanghai Gold Exchange and might allow them to trade gold in the Shanghai market.

China has the world's sixth largest gold stockpile at 1,054 tonnes, according to the World Gold Council.

The central bank statement, issued jointly with five other departments, said there was a need to improve the foreign exchange policy for the gold market, push forward its opening-up to foreigners and provide financing services.

Domestic demand for gold has increased by an average 13 percent per year in the past five years, and is set to double over the next decade, the World Gold Council said in March.

China's rapid economic growth -- it expanded 10.3 percent in the second quarter of 2010 -- and burgeoning middle class are driving demand, with jewellery accounting for nearly 80 percent of gold consumed, the council said.

The central bank said China would "actively push forward the building of infrastructure for gold trading and reserves to fend off disasters" as well as improving storage and transportation systems and settlement services.

It also suggested changes in taxes on bullion investment could be in the offing, but did not provide any details.

Copyright © 2023 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.