China grants gold import licenses to foreign banks
Duncan Richardson, News Editor
15 Jan 2014, 3:40 p.m.
In an aim to open China’s physical gold market, the Chinese government has grant gold import licences to two foreign banks ANZ and HSBC. By issuing two further licenses the supply of gold could increase and reduce local prices, which are higher than other Asian countries. China is currently the world’s largest buyer of gold and in the first 11 months of 2013 imported over a 1,000 tonnes via Hong Kong.