Currently, the sale and purchase of the precious metal is dominated by the countrys four largest commercial banks and a handful of firms. Prior to 2003, only the Peoples Bank of China was able to import gold into the country.

The bank has gradually liberalized the industry and allowed the China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China and the Agricultural Bank of China to partake in the trade in 2003. A year later, the Peoples Bank allowed six other companies to begin importing gold, including EXP Corp and China National Pearl Diamond Gem.

CHINA is planning to liberalise its import and export laws for gold. To encourage this initiative the Peoples Bank of China published new draft rules on its website to encourage companies to suggest responses. The proposals would allow companies with more than £2.1 million of capital to start a gold trading firm. The metal can already be traded freely at world prices on the Shanghai Gold Exchange.