photo: xinhua

 

Chinese authorities have reduced documents required for gold trading, which is expected to simplify a complex procedure. 

The People's Bank of China (PBC), the country's central bank, and the General Administration of Customs have decided to amend the regulations on the import and export of gold and gold products.

The amendment simplifies the documents that must be submitted to the People's Bank of China to apply to import and export gold.

Regulations previously required institutions applying to export gold to submit a gold reserve certificate at a gold exchange approved by the State Council.

The amendment has removed the requirement that miners must submit a gold production capacity certificate issued by industrial regulatory departments in order to export gold.

It has been many years since China began importing and exporting gold and the regulation change is minor, Zhao Qingming, a veteran financial expert, told the Global Times on Tuesday.

"The move is mainly aimed at simplifying administrative procedures and licenses for the convenience of the public," Zhao said.

Affected by the coronavirus outbreak, China's gold production and consumption both declined in the first quarter.

Domestic raw gold production in the first quarter was 82.63 tons, down 10 percent compared to the same period in 2019. Gold consumption was 148.63 tons, down 48 percent year-on-year, according to statistics released by the China Gold Association in April.

The price of gold is showing an upward trend, said the association.