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China to boost dev't of gold market

08-04-2010 11:20 BJT

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China will further boost the development of its gold market. Experts say the move will broaden investment channels for ordinary customers.

The People's Bank of China says the country is set to expand the development of gold markets, to increase the competitiveness of domestic financial markets. The central bank will allow more commercial banks to import and export gold, and encourage them to offer yuan-denominated gold derivatives.

Wang Lixin, General Manager of Greater China Region, World Gold Council said "More commercial banks involved in gold trade could encourage them to develop various gold investment products. Investors will get more channels and choices."

The central bank is asking medi-agencies to regulate themselves, avoiding illegal speculation on gold. Heavier penalties will be set for illegal activity on the gold market. The bank also called lenders to offer better services in raising funds for domestic gold firms looking to establish overseas offices. Tax policies will also be adjusted to support gold-related businesses.

Wang Lixin said "These policies are targeted at gold trade participants, especially jewelry makers and gold mining companies. These firms have no effective measures to avoid risks caused by gold pricing fluctuation. The policies will help companies focus on improving product quality rather then on the gold price."

The central bank will assist in opening the gold market to the outside world and improve financial services to gold trading. Analysts say the country's gold market will be opened up step by step. The central bank didn't give a timeline or details for allowing foreign institutions to participate in gold trading in the domestic market.

Editor:Xiong Qu |Source: CNTV.CN

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