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Central Bank Spokesman on Management of Gold Market
A spokesman for the People's Bank of China (PBOC) said Friday that without authorization from the State Council and ratification of the PBOC, no institutions or organizations are allowed to organize gold trading market.
The spokesman said that all kinds of on-line gold trading activities and preparations for building gold trading markets in various localities must stop immediately.
The spokesman made the remarks in light of recent media reports on the establishment of China's gold trading markets.
He said that the reform of gold management system is the requirement and an inevitable trend of socialist market economic development. However, the reform involves gold production, circulation, management, reserves, taxation and other important issues.
The establishment of gold trading markets bears direct relations to the immediate interest of gold production, circulation and consumption enterprises, for which full preparation is needed, the spokesman said.
He said that further study and appraisal need to be conducted on some policies relating to the reform. Before the promulgation of the reforming plan and new management policies, activities related to gold production, circulation and consumption must be practiced in strict accordance with the existing regulations on gold and silver management.
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