China will test a new policy that aims to simplify approval process for gold imports and?exports in Beijing, Shanghai, Guangzhou, Nanjing, Qingdao and Shenzhen, according to a statement jointly issued by the People's Bank of China and the General Administration of Customs.
The new policy, set to be tested from June 1, will allow gold companies to clear customs up to 12 times with one permit, the statement said. Previously, gold companies had to apply for a permit for every import or export consignment.
The new measure will make the import and export of gold a lot easier and improve the gold trade environment, according to the statement.
