当前位置：新闻动态
China lifts gold import curbs as spread drops, ending alarm
来源：shippingazette 编辑：编辑部 发布：2023/09/28 16:46:58
CHINA's central bank has lifted temporary curbs on gold imports that were imposed on some lenders in a bid to defend the yuan caused the price of the precious metal to rise in the country, reports London's Financial Times.
The spread between the Shanghai gold price and London hit a record US$121 per troy ounce, according to calculations based on public traded prices.
Later the spread narrowed to $76 after the People's Bank of China relaxed curbs on imports of the precious metal last week, said people familiar with the informal order given to some state and midsized commercial banks.
China in August had reduced and stopped granting quotas for international gold imports by banks to ease a rush in purchases to hedge against a weaker domestic currency. The renminbi fell to its lowest point against the dollar in 16 years in early September after the release of disappointing economic data.
The spread between the Shanghai gold price and London hit a record US$121 per troy ounce, according to calculations based on public traded prices.
Later the spread narrowed to $76 after the People's Bank of China relaxed curbs on imports of the precious metal last week, said people familiar with the informal order given to some state and midsized commercial banks.
China in August had reduced and stopped granting quotas for international gold imports by banks to ease a rush in purchases to hedge against a weaker domestic currency. The renminbi fell to its lowest point against the dollar in 16 years in early September after the release of disappointing economic data.