The People’s Bank of China has issued a draft rule to ease gold import restrictions, proposing to expand the use of “multi-use permits,” extend their validity to nine months from six, remove usage limits, and authorize more ports to clear bullion, according to Bloomberg News. While quotas will remain to help manage the yuan, the reforms aim to boost flexibility rather than open the floodgates. The measures also cover exports, though approvals remain rare due to strict capital controls and the PBoC’s drive to build reserves. The move comes as China extends its gold buying streak into a ninth month, raising holdings to about 73.96 million fine troy ounces in August 2025.
