No time frame for giving out more gold import licences: China cenbank

China’s central bank has not set a timeframe on issuing more gold import licences to banks, Xie Duo, general director of the People’s Bank of China, said on Monday.

Xie said the bank’s policy is to encourage residents to hold physical gold. He declined to comment on the central bank’s own gold buying activity.

China holds the world’s sixth-largest official gold reserves, at 1,054.1 tonnes, which account for under 2 per cent of its total reserves, according to the World Gold Council.

via Business feed http://www.scmp.com/business/banking-finance/article/1080551/no-time-frame-giving-out-more-gold-import-licences-china