China’s central bank has lifted temporary curbs on gold imports that were imposed on some lenders in a bid to defend the renminbi but caused the price of the precious metal to rise in the country.
The spread between the Shanghai gold price and London hit a record $121 per troy ounce last Thursday, according to calculations based on public traded prices.
The spread narrowed to $76 on Monday after the People’s Bank of China relaxed curbs on imports of the precious metal last week, said people familiar with the informal order given to some state and midsized commercial banks.
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