China Eases Physical Gold Restrictions

http://www.zerohedge.com/news/2014-01-15/china-eases-physical-gold-restrictions

As India continues its anti-gold stance (and does nothing but drive the undergound smuggling business), China is continuing its opening of the world's biggest physical bullion market. As India's Economic Times reports, China has granted licenses to import gold to two foreign banks for the first time. "China is actually increasing its transparency," noted on analyst, allowing more banks to import gold could increase the supply of the metal into the country, easing local prices that are higher than in most Asian nations (premiums are currently about $15 an ounce over London prices, compared to less than $2 in Singapore and Hong Kong). They rose to a record high of $30 in April-May last year. "This is the first step that the regulators are taking to ensure that its gold futures contract in the free-trade zone can take off."