According to the proposal of the People's Bank of China (Central Bank of China), the "multi-purpose license" mechanism - which allows the use of one license for multiple customs clearance - will be expanded at 15 border gates, instead of the current 10. The validity period of the license will also be extended from 6 months to 9 months, at the same time, the limit on the number of times used during the validity period will be removed.
The Chinese central bank said the procedure reform is aimed at enhancing market vitality, adapting to external shocks and improving the business environment at border gates. The Central Bank is collecting public opinions until October 13, 2025.
This move follows China's 2016 initiative to simplify cross-border gold trading procedures, reduce paperwork and shorten import time.
In August, the Chinese Central Bank extended its 10-month consecutive streak of increasing gold purchases, while demand for gold bars and coins in the domestic market remained strong.
Gold prices hit a record high last week due to increased geopolitical uncertainty, high expectations of a US interest rate cut this month and continuous central bank buying.
Since the beginning of the year, world gold prices have increased by 33%.
However, experts note that the licensing easing is mainly to facilitate the process, not to mean that gold imports will skyrocket, because the volume is still controlled by the Chinese Central Bank.
As of 6:00 a.m. on September 15, the world spot gold price listed at Kitco was at 3,646 USD/ounce (equivalent to about 116.8 million VND/tael converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices was about 14.3 million VND/tael. World gold prices generally increased by 0.03% in the past 24 hours, equivalent to an increase of 1.2 USD/ounce.
Regarding the domestic price of SJC gold bars, DOJI, SJC, PNJ, Bao Tin Minh Chau brands are trading at 128.1 million VND/tael for buying and 131.1 million VND/tael for selling.
Regarding the price of gold rings, SJC listed at 125-128 million VND/tael (buy - sell); PNJ and DOJI at 126.2-129.2 million VND/tael; Bao Tin Minh Chau listed at 127-130 million VND/tael; Phu Quy at 125.5 - 128.5 million VND/tael.
