Vietnam 

Draft circular on gold business licensing released – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Inside a Bảo Tín Minh Châu Jewellery and Gemstone Co Ltd shop. Gold prices in Việt Nam stood at US$1,360 per ounce on August 13. — Photo baotintuc.vn HÀ NỘI — The State Bank of Vietnam (SBV) has publicised a draft circular that would adjust existing regulations managing gold trading, Thời báo Kinh tế Việt Nam (Vietnam Economic Times) newspaper reported. The draft circular would amend Circular 16/2012/TT-NHNN dated May 25, 2012 to instruct the implementation of Decree 24/2012/NĐ-CP issued by the Government. Under the draft circular, the SBV would cut administrative works in…

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Hong Kong, mainland Chinese investors tap bullion rally, lift gold exchange-traded funds’ assets to six-year high

Exchange-traded funds (ETFs) backed by physical gold have outperformed others tracking equities or fixed-income indices, bolstered by a surge in inflow from investors looking to profit from a recent rally in the safe-haven asset to a six-year high through such passive funds.Mirroring the gains in gold, which have returned 17.5 per cent year to date, prices of some of the seven gold-backed ETFs listed in Hong Kong and China have hit new highs.In Shanghai, HuaAn Yifu Gold ETF, the largest in… Source link

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Why China’s next crop of ‘techpreneurs’ are skipping home and eyeing a fresh gold rush in new markets

During the past decade of breakneck economic growth China has been a gold mine for tech start-ups, with the biggest internet user base in the world of 829 million.But a new wave of Chinese entrepreneurs are now deciding to skip the country in favour of fast-growing markets in Southeast Asia, India, the Middle East and Africa, taking their innovative ideas and cutting edge business models with them.Whether its e-commerce, short video, live broadcasting or gaming – China’s tech experts are… Source link

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Money 

China urges Kyrgyzstan to punish villagers who attacked gold mine over environmental concerns

China’s embassy in Kyrgyzstan on Tuesday called on the Central Asian country to punish villagers it said attacked a Chinese-owned mine, leaving more than 20 workers injured.The rare diplomatic rebuke from Beijing followed a skirmish between mine employees and villagers living close to the Solton Sary gold deposit which is licensed to China’s Zhong Ji Mining.The embassy said it had informed Kyrgyzstan of its “serious concern” over the incident.China’s belt and road extends to Kyrgyzstan, but are… Source link

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Vietnam 

Gold market demand quiet despite recent strong gains – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Gold prices have surged in both domestic and international markets but Vietnamese market demand has remained silent. — Photo petrotimes.vn HÀ NỘI — Gold prices on global markets have made strong gains in the past two months, but investors with short-term appetite seem uninterested in gold. Gold futures for the first time in six years broke the US$1,450 an ounce last week, gaining 1.75 per cent on Friday and a total 13.6 per cent since May 28. The strong growth of gold futures is attributed to…

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Vietnam 

VIB launches two new packages, gives away gold rewards – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A customer registers for VIB’s new packages. — VNS Photo HÀ NỘI — Vietnam International Bank (VIB) has introduced two new packages to offer customers fee waivers for transactions, withdrawals, transaction account management and International Debit Card (IDC) maintenance. According to VIB, Sapphire and Gold package users will have these fees waived for an initial three months. After this period, these fees are waived for life if they meet requirements regarding account balance and IDC transactions. Furthermore, they will also receive unlimited cash back of up to 2 per cent…

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China is wise to boost its gold reserves as a weaker US dollar looms and currency wars beckon

China added more gold to its foreign reserves in June, for the seventh month in succession. China’s activity may be shrewd as circumstances favour gold – international tensions, interest rates at derisory or negative levels, and the real possibility that currency wars may break out. Nor is China the only sovereign buyer of gold. “In 2018 alone, central banks bought 651 tonnes of gold, up 74 per cent compared to 2017 and the highest level since 1971,” wrote Isabelle Strauss-Kahn, a member of… Source link

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Is bitcoin becoming the new gold as investors seek shelter from trade war in safe havens?

The recent rallies in gold and bitcoin have entered their third week, with spot gold reaching a six-year high of US$1,446.10 an ounce on Thursday and the cryptocurrency hovering close to a year-high of US$10,568 on Friday.There should be very little common ground for the 10-year old cryptocurrency whose abstract existence resides purely in the decentralised computer network of the blockchain, and the centuries-old precious metal whose holders, ranging from central banks to merchants and traders… Source link

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Stocks Blog: Gold back in focus amid US-China trade fight, other uncertainties

Good day, traders — Expect to hear a lot about gold today, which is now up more than 11 per cent for the year and is the subject of lots of buzz after billionaire Ray Dalio said adding gold to one’s portfolio “would be both risk-reducing and return-enhacing.” We’ll have you covered on the top action in Hong Kong and mainland markets. If you have questions, please shoot them to deb.price@scmp.com . — Deb Price in Hong Kong and Zhang Shidong     Source link

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Money 

Central African Republic report cites ‘ecological disaster’ in calling for closure of 4 Chinese gold mines

Four Chinese-run gold mines should be closed in the Central African Republic because of pollution threatening public health, a parliamentary panel said in a report published on Saturday.“Ecological disaster,” “polluted river,” “public health threatened,” were some of the phrases used in the report.“Gold mining by the Chinese firms at Bozoum is not profitable for the state and harmful to the population and the environment,” the commission found after its investigation into mining in the northern… Source link

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