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Unauthorized Gold Marketing Not Permitted: BOC
Without authorization from the State Council and Bank of China, no companies or organizations are entitled to set up gold exchange markets, said a spokesman from BOC Friday in Beijing, adding that various online deals and local activities to set up gold markets on their own must be stopped immediately.
Referring to some media releases on China's developing gold marketing, the spokesman said reform of gold administration system is the intrinsic demand and due course of developing a market economy. But it involves many critical issues regarding gold production, circulation, administration, reserve, and taxation. The setting up of a gold market, in particular, directly concerns the interests of enterprises engaged in gold production, circulation and consumption, therefore full preparations must be made.
Presently close study and market investigations are still needed for certain policies to back up market reform. Before new reform plans and administrative policies are launched, all activities concerning gold production, circulation and consumption must be conducted in accordance with "Regulations of the People's Republic of China With Regards to Control of Gold and Silver" as well as other related regulations, he emphasized.
By PD Online Staff Li Heng
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