PBOC could expand gold importers list

Might allow more companies to import and export gold.

The People's Bank of China is condiering implementing draft rules that will allow financial institutions and companies that produce more than 10 metric tons of gold a year to join the authorized gold importers list.

The trade has so far been limited to nine banks. Analysts said the new rule seem to be opening the door to more participants.

China’s gold consumption this year may jump by 29% to reach 1,000 tons, overtaking India as the world’s largest gold consumer, said the World Gold Council. China and India together account for more than half of the world’s gold demand.