Regulations of the People's Republic of China on the Control of Gold and Silver (Revised in 2011)
Regulations of the People's Republic of China on the Control of Gold and Silver (Revised in 2011)
Regulations of the People's Republic of China on the Control of Gold and Silver (Revised in 2011)
Order of the State Council of the People's Republic of China No. 588
January 8, 2011
(Promulgated by the State Council on June 15, 1983; and revised according to the Decisions of the State Council on Repealing and Amending Certain Administrative Regulations on January 8, 2011)
Chapter I General Provisions
Article 1 The Regulations of the People's Republic of China on the Control of Gold and Silver (the "Regulations") are formulated for the purpose of strengthening the control over gold and silver and meeting the demand for gold and silver of the development of the national economy.
Article 2 For the purpose of these Regulations, "gold and silver" shall mean:
1. gold and silver extracted during the mining of ore deposits and gold and silver as a by-product of smelting;
2. gold and silver bars, bullion, ingots and powder;
3. gold and silver coins;
4. gold and silver articles and gold or silver-based alloy articles;
5. gold and silver contained in chemical products;
6. leftover bits and pieces of gold and silver and gold and silver contained in waste residue, waste liquid and waste solids.
Platinum (white gold) shall be controlled in accordance with the relevant regulations of the People's Republic of China.
Cultural relics containing gold and silver shall be controlled in accordance with the Law of the People's Republic of China on Cultural Relics.
Article 3 The State shall pursue a policy of unified control, State-monopolized purchase and distribution of gold and silver.
The total income and expenditure of gold and silver of State organs, the armed forces, organizations, schools, State-run enterprises, institutions and collective urban and rural economic organizations (hereinafter referred to as Domestic Institutions) shall be incorporated into the State plan for the receipt and expenditure of gold and silver.
Article 4 The People's Bank of China shall be the State organ responsible for the control of gold and silver in the People's Republic of China.
The People's Bank of China shall be responsible for the following: control of State-owned gold and silver reserves; purchase and sale of silver and gold; determining and administering the prices of the purchase and sale of gold and silver in conjunction with State price authorities; work in conjunction with the competent department to examination and approval of the operations (including processing and sales) of entities (hereinafter referred to as the operation entities) engaged in gold and silver products, chemical products containing gold and silver, the recovery of gold and silver from residual liquid and solid wastes; control and inspection of the gold and silver market and supervision of the implementation of these Regulations.
Article 5 All gold and silver held by Domestic Institutions, with the exception of raw materials, equipment, household utensils and mementos which the Domestic Institutions are permitted to hold by the People's Bank of China, must be sold to the People's Bank of China. No gold or silver may be personally disposed of or kept without due authorization.
Article 6 All gold and silver legally gained by individuals shall come under the protection of the State.
Article 7 No entity or individual within the territory of the People's Republic of China may use gold and silver as a pricing unit. Private trading of gold and silver and the use of gold and silver as loan or as mortgage property shall be forbidden.
Chapter II Control of Gold and Silver Purchases
Article 8 All gold and silver purchases shall be transacted through the People's Bank of China.
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Order of the State Council of the People's Republic of China No. 588
January 8, 2011
(Promulgated by the State Council on June 15, 1983; and revised according to the Decisions of the State Council on Repealing and Amending Certain Administrative Regulations on January 8, 2011)
Chapter I General Provisions
Article 1 The Regulations of the People's Republic of China on the Control of Gold and Silver (the "Regulations") are formulated for the purpose of strengthening the control over gold and silver and meeting the demand for gold and silver of the development of the national economy.
Article 2 For the purpose of these Regulations, "gold and silver" shall mean:
1. gold and silver extracted during the mining of ore deposits and gold and silver as a by-product of smelting;
2. gold and silver bars, bullion, ingots and powder;
3. gold and silver coins;
4. gold and silver articles and gold or silver-based alloy articles;
5. gold and silver contained in chemical products;
6. leftover bits and pieces of gold and silver and gold and silver contained in waste residue, waste liquid and waste solids.
Platinum (white gold) shall be controlled in accordance with the relevant regulations of the People's Republic of China.
Cultural relics containing gold and silver shall be controlled in accordance with the Law of the People's Republic of China on Cultural Relics.
Article 3 The State shall pursue a policy of unified control, State-monopolized purchase and distribution of gold and silver.
The total income and expenditure of gold and silver of State organs, the armed forces, organizations, schools, State-run enterprises, institutions and collective urban and rural economic organizations (hereinafter referred to as Domestic Institutions) shall be incorporated into the State plan for the receipt and expenditure of gold and silver.
Article 4 The People's Bank of China shall be the State organ responsible for the control of gold and silver in the People's Republic of China.
The People's Bank of China shall be responsible for the following: control of State-owned gold and silver reserves; purchase and sale of silver and gold; determining and administering the prices of the purchase and sale of gold and silver in conjunction with State price authorities; work in conjunction with the competent department to examination and approval of the operations (including processing and sales) of entities (hereinafter referred to as the operation entities) engaged in gold and silver products, chemical products containing gold and silver, the recovery of gold and silver from residual liquid and solid wastes; control and inspection of the gold and silver market and supervision of the implementation of these Regulations.
Article 5 All gold and silver held by Domestic Institutions, with the exception of raw materials, equipment, household utensils and mementos which the Domestic Institutions are permitted to hold by the People's Bank of China, must be sold to the People's Bank of China. No gold or silver may be personally disposed of or kept without due authorization.
Article 6 All gold and silver legally gained by individuals shall come under the protection of the State.
Article 7 No entity or individual within the territory of the People's Republic of China may use gold and silver as a pricing unit. Private trading of gold and silver and the use of gold and silver as loan or as mortgage property shall be forbidden.
Chapter II Control of Gold and Silver Purchases
Article 8 All gold and silver purchases shall be transacted through the People's Bank of China.
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