Economy

PBOC issues guidelines for developing gold market

(Xinhua)
Updated: 2010-08-04 09:23

BEIJING: The People's Bank of China (PBOC), China's central bank, said Tuesday that the country would expand the development of gold markets to increase the competitiveness of domestic financial markets while broadening investment channels for ordinary customers.

The central bank will allow more commercial banks to import and export gold and encourage them to offer yuan-denominated gold derivatives, according to a statement posted on the bank's website.

PBOC also vowed to perfect policies related to the gold market, including foreign exchange policies, to speed development of the market.

Meanwhile, PBOC said the government would strengthen supervision of the gold market to ensure healthy and balanced development.