Tuesday, August 03, 2010

China To Open Gold Market, Improve Tax Policies, PBOC Says

Keep in mind that just until a few years ago China had banned the private ownership of GOLD as an investment product.... Watch the clip & i assume the PBoC had to do something to keep the market operating in an orderly fashion....According to the Financial Times Deutschland GOLD in HK is trading already with very large premiums vs the London price....Another main reason could be to establish a stronger "alternative" to the quasi monopolists London & NY....Every bit of new competition for the London & NY exchanges is "appreciated"....

Vor dem Hintergrund das China bis vor einigen Jahren jeglichen privaten Besitz von GOLD im Zusammenhang mit Investments verboten hatte erscheint die Meldung in einem noch vorteilhafteren Licht.... Ich tippe mal, das wenn man sich den nachfolgenden Clip ansieht, die PBoC zumindest teilweise "Getriebener" der Entwicklung ist. Ohne eine weitere Liberalisierung könnte es leicht passieren das ein halbwegs geordneten Markt nicht mehr zu gewährleisten ist.....Wenn man der Financial Times Deutschland Glauben schenken darf wird GOLD in HK bereits jetzt mit einem mehr als happigen Aufschlag vs dem Londoner Kurs gehandelt....Ein weiteres wichtiges Argument dürfte sein eine schlagkräftige Handelsplatzalternative zu installieren....In jedem Fall ist jede zusätzliche Konkurrenz für die Börsen in London & NY mehr als willkommen.....

China to Open Gold Market, Improve Tax Policies, PBOC Says
Aug. 3 (Bloomberg) -- China will continue to open up its gold market and will study how to improve taxation policies for the use of gold for investment purposes, the People’s Bank of China said today.

China will improve foreign-exchange policies related to the gold markets and will allow more commercial banks to export and import the metal, the central bank said in a statement on its website.

The government is also studying allowing foreign suppliers to deliver bullion directly to the Shanghai Gold Exchange, it said.

The total volume of gold traded on the Shanghai Gold Exchange jumped 59 percent in the first six months from a year earlier to the equivalent of 3,174.5 metric tons (102.1 million troy ounces), Song Yuqin, vice general manager at the exchange, said last month.

The Shanghai Gold Exchange has five foreign bank members including the China units of HSBC Holdings Plc and Standard Chartered Plc, according to a statement on the bourse’s website.

Gold demand in China, the world’s second-largest consumer, increased in the first half as government measures to cool the property market and falling equities spurred investment, the exchange said July 7. Spot gold climbed to a record in June as investors sought to protect their wealth amid concerns about the global economic recovery.

“The Chinese central bank is liberalizing the gold market step by step and this is the latest move,” said Ellison Chu, managing director at the precious-metals desk at Standard Bank Asia Ltd. in Hong Kong. “It will allow more foreign participation in China’s growing gold market and it will also help China to be more integrated into the global gold-trading system.”

The central bank also said it would encourage and guide commercial banks to provide yuan-denominated gold derivative trading.

The following presentation monitoring the entire GOLD picture in China is taken from an earlier post In Fiat Money We Do Not Trust "Chinese Edition"

Die nachfolgende Präsentation die umfassend das Thema China & GOLD abhandelt stammt von einem früheren Posting In Fiat Money We Do Not Trust "Chinese Edition"
Gold Report China

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