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China imposes curbs on silver imports

BEIJING: China has imposed measures to curb silver imports to help maintain orders in the newly liberalised domestic market, the China Economic Times reported on Monday. The central People's Bank of China and the customs department issued a circular ordering a curb on silver imports in general trade, the newspaper said.

Companies intending to import silver for general trade purposes and foreign-funded firms would have to get central bank approval, it said.

Tourists bringing in silver products exceeding an official limit would have to pay taxes, the newspaper said without saying how big the limit was.

Silver processed from imported materials by the processing trade must be sold overseas or have to pay import tariffs, the newspapre said.

The processing trade covers the import of raw materials and components for processing and re-export of finished products.

The aim of the curbs, which took effect on January 1, was aimed at "strengthening the management of silver imports to maintain market orders," the newspaper said.

Companies which have imported silver must apply for licences from the central bank before selling it domestically, it said.

China is scheduled to open a wholesale silver market on January 4 after easing controls market late last year by allowing producers to sell sirectly to buyers on the market.-Reuters