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China loosens gold import quotas with eye on arresting yuan rally
China's central bank has approved foreign exchange purchases by some commercial banks to pay for gold imports under recently increased quotas, two people with direct knowledge of the matter said on Wednesday. The People's Bank of China's (PBOC) gold import quotas for the country's big banks determine how much bullion enters the world's leading consumer of the precious metal. It has in the past tweaked these quotas to help calibrate demand for dollars. The sources said the PBOC raised such quotas for gold imports last month and has now also allowed the banks to buy the dollars to fund these gold imports. The move ... (full story)
