China moved yesterday to further liberalise its gold market, increasing the number of banks allowed to trade bullion internationally and announcing measures that will encourage development of gold-linked investment products.
The move by Beijing's central bank comes as the country's investors pour record amounts of money into gold, in a trend that is becoming a significant factor on global prices.
Last year, Chinese investors bought 73 tonnes of bullion, up fourfold from 18 tonnes in 2007. The new policies were likely to increase liquidity in the domestic gold market and spur the development of gold financial products, analysts said.
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