FX.co ★ PBoC Moves to Streamline Gold Imports Amid Rising Reserves

The People's Bank of China has unveiled a proposal to relax gold import regulations, introducing a draft rule aimed at expanding the capabilities of "multi-use permits." This includes extending the validity of these permits from six to nine months, eliminating usage limits, and authorizing additional ports for bullion clearance, as reported by Bloomberg News. Although quotas will continue to play a role in managing the yuan, the proposed reforms are intended to increase flexibility without unleashing unrestricted access. These measures also address gold exports, though approvals are seldom granted due to stringent capital controls and the PBoC’s focus on augmenting reserves. This initiative coincides with China's continued streak of gold purchases for nine consecutive months, elevating its holdings to approximately 73.96 million fine troy ounces by August 2025.