Rising gold trade sees regulations tightened
By Hu Xiaocen |
January 30, 2013, Wednesday
|
Print Edition
Print Edition
CHINA has tightened regulations on gold trading conducted by banks in a move to enhance supervision of the growing business, according to regulatory notice obtained by Shanghai Daily yesterday.
The People's Bank of China has recently issued the notice to commercial banks conducting gold transactions, including paper gold and gold trading, on behalf of retail investors, sources told Shanghai Daily. Industry insiders said the move aims to better regulate the growing gold business by creating a comprehensive monitoring system under the PBOC.
The Shanghai headquarters of PBOC requires all domestic and foreign banks to report their existing gold trading activities. Banks that plan to start gold business need to inform the central bank in advance their target customer group, potential risks involved, fees and charges, and associated institutions, according to the notice.
"The regulator gradually opened up the gold trading business to foreign banks. Some banks have already profited from strong bullion prices in the past few years. However these activities were not included in the regulator's oversight framework," a bank source said.
"The new interbank system provides real-time trading data to the regulator for monitoring purposes in addition to the banks' own reports that are required" by the PBOC.
The PBOC issued the notice after the launch of the interbank gold trading platform on the Shanghai Gold Exchange last month.
The People's Bank of China has recently issued the notice to commercial banks conducting gold transactions, including paper gold and gold trading, on behalf of retail investors, sources told Shanghai Daily. Industry insiders said the move aims to better regulate the growing gold business by creating a comprehensive monitoring system under the PBOC.
The Shanghai headquarters of PBOC requires all domestic and foreign banks to report their existing gold trading activities. Banks that plan to start gold business need to inform the central bank in advance their target customer group, potential risks involved, fees and charges, and associated institutions, according to the notice.
"The regulator gradually opened up the gold trading business to foreign banks. Some banks have already profited from strong bullion prices in the past few years. However these activities were not included in the regulator's oversight framework," a bank source said.
"The new interbank system provides real-time trading data to the regulator for monitoring purposes in addition to the banks' own reports that are required" by the PBOC.
The PBOC issued the notice after the launch of the interbank gold trading platform on the Shanghai Gold Exchange last month.
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