18 January 2019

China grants gold import licenses to foreign banks, Reuters says

China has granted gold import licenses to two foreign banks for the first time, Reuters reported on Wednesday, citing sources with knowledge of the matter. ANZ Banking Group and HSBC were awarded import licenses late last year, the sources were quoted as saying. Meanwhile, China Everbright Bank (601818.CN) has received approval to join nine domestic banks that are already allowed to ship gold into China, the report cited other trading sources as saying. Allowing more banks to import gold could increase the supply of the metal into the country, easing local prices that are higher than in most Asian nations, the report noted.

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