China is proposing to ease licensing rules for gold imports and exports as it continues diversifying its reserves away from the US dollar, according to Bloomberg. The People’s Bank of China aims to expand the use of faster, more flexible “multi-use permits” by increasing eligible ports, extending permit validity to nine months, and removing usage limits. The move builds on a 2016 effort to streamline cross-border gold trade and comes as China’s gold buying spree enters its 10th consecutive month. The changes aim to strengthen trade resilience and improve the business environment amid rising global demand and economic uncertainty. They write:
China sought to ease licensing rules for gold imports and exports, as the world’s largest consumer of the precious metal continues to diversify its reserves away from US dollars.
The country plans to expand the use of “multi-use permits,” a faster approval system, by increasing the number of ports that can accept them, according to a draft proposal from the People’s Bank of China. […]
The move to ease permit rules will “enhance vitality and respond to external shocks by improving business environment at ports,” according to the explanation to the proposal. The PBOC is seeking feedback until Oct. 13.
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