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China says no timeframe on giving out more gold import licenses

Published on Nov 12, 2012 11:13 AM
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An employee adjusts gold accessories in a glass case at a jewellery shop in Huaibei, Anhui province in this Aug 5, 2010 file photo. China's central bank has not set a timeframe on issuing more gold import licenses to banks, but is keen to further open up the market to the international community, a senior official said on Monday. -- PHOTO: REUTERS

HONG KONG (REUTERS) - China's central bank has not set a timeframe on issuing more gold import licenses to banks, but is keen to further open up the market to the international community, a senior official said on Monday.

"Later on, we will further open up and quicken the steps to integrate into the international market," Mr Xie Duo, general director of the People's Bank of China, told an industry conference in Hong Kong.

"We should actively create conditions for the gold market to become integrated with the international gold market." Xie did not provide details.

China is on course to surpass India as the world's top gold consumer this year, as a weaker rupee and higher import tax weigh on Indian buying interest.

 
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