China moved to ease licensing for gold imports and exports by extending permit validity to nine months, removing per-permit use limits, and expanding the number of ports that accept faster “multi-use permits,” a draft People’s Bank of China proposal shows.
In its published rationale, the PBOC said easing permit rules would “enhance vitality and respond to external shocks by improving business environment at ports,” underscoring a focus on operational resilience in the physical trade channel as China, the world’s largest gold consumer, adapts reserve management away from US dollar concentration.
The draft explicitly builds on the central bank’s 2016 streamlining initiative that pared paperwork and accelerated gold import procedures.
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Policy comes as the PBOC extended its gold purchases for a 10th consecutive month in August, while domestic investment demand for bars and coins stayed resilient. Over the same period, gold prices have surged by almost 40% this year, supported by sustained central bank buying, elevated geopolitical risks, and expectations for US interest rate cuts.
The PBOC is seeking public feedback until Oct. 13, after which implementation details on port expansion, permit validity, and usage rules would be finalized.
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