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Monday, 11th April 2005 (4934 views)

Private investors are being allowed to buy and sell gold through the internet in China, in a new move to boost demand.<br/><br/>According to Reuters, gold purchases for investment were allowed from late March by the Bank of China and other selected banks belonging to the Shanghai Gold Exchange.<br/><br/>The import tax on jewellery has already been cut from 23.3 per cent to 21.3 per cent this year to help encourage the creation of jewellery factories in China.<br/><br/>Albert Cheng, managing director Far East for the World Gold Council (WGC) explained: "Investors in China can now buy and sell gold through Internet banking with certain banks which provide the service."<br/><br/>Using internet banking investors can transfer funds from their bank account into a gold savings account, meaning gold trading becomes much easier.<br/><br/>However some restrictions still remain, including import tax which local dealers need to pay to import gold jewellery into China.<br/><br/>It is though gold demand in China increased by 15 per cent last year to approximately 314 tonnes.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8243195"/>

 

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