People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Finance, State Administration of Taxation and China Securities Regulatory Commission, Several Opinions on Promoting the Development of the Gold Market
中国人民银行、国家发展改革委员会、工业和信息化部、财政部、国家税务总局、中国证券监督管理委员会关于促进黄金市场发展的若干意见
October 13, 2010 | BY
clpstaff &clp articles &China to promote gold trading to foreign investors.
Issued: July 22 2010
Main contents: According to the Opinions, commercial banks shall launch businesses such as sale of physical gold, gold lease-financing, gold forwards and gold options. The launch of trading of renminbi-denominated gold derivative products by commercial banks shall be encouraged and guided (Article 2).
The laws and regulations on the gold market and the related policy support system shall be improved through the following means:
(1) Study the expansion of the supply channels of physical goods of the gold market.
(2) Increase the number of commercial banks with qualifications for import and export of gold.
(3) Further develop the gold lease market.
(4) Commercial banks shall, in accordance with lending principles, increase the credit limit of large enterprises that comply with gold industry planning and industrial policy. Key support shall be provided to the development of large gold groups and their implementation of outbound expansion strategies.
(5) Further improve the current foreign exchange control policy for the gold market.
(6) Steadily increase the number of members of the Shanghai Gold Exchange in the foreign investor category; and study the promotion of permitting supply of certified gold ingots to the Shanghai Gold Exchange by qualified domestic gold ingot suppliers, and trading by overseas organisations on the exchange (Article 4).
clp reference:4300/10.07.22promulgated:2010-07-22
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