The draft amendments remove a long-standing requirement for the central bank to co-author rules governing how individuals carry or mail gold across borders. While the central bank confirms the changes are intended to align with current economic conditions and legal requirements, the text makes no mention of continued PBOC involvement in individual gold movements. Instead, the updated framework focuses on enhancing customs supervision and formalizing effective trade practices to improve administrative efficiency.

These regulatory shifts arrive as China’s gold market displays signs of volatility. While May saw a surge in imports to 163 tonnes—the highest monthly total since March 2024—subsequent data points toward a cooling trend. Gold ETFs recorded net outflows exceeding 10 billion yuan ($1.48 billion) by early June, and Shanghai Gold Exchange withdrawals dropped to 63.5 tonnes in May, the lowest level since February 2020. Market analysts note that despite the earlier record-breaking demand, investors are now reconsidering the strategy of buying on dips as gold equities listed in Hong Kong face sharp, synchronized declines.