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China says it will shut down its most valuable private-sector producer of gold and silver coins, in a bid to curb the threat of a gold bubble

China says it will shut down its most valuable private-sector producer of gold and silver coins, in a bid to curb the threat of a gold bubble

JAPAN – China said on Tuesday it will stop producing the most valuable gold and platinum coins it produces, in what analysts say is a move that will reduce the threat that a gold-backed bubble could burst.

The government has already been pressing for the cancellation of more than a third of China’s gold coins, which account for about two-thirds of its circulation, and has also been trying to control the sale of other precious metals.

But analysts said the move could have far-reaching implications for the world’s most valuable privately held company, the world and Chinese leaders’ desire to prevent a collapse in prices of precious metals, including gold and the metal silver.

“The government is making a big push to stop the production of gold, silver, and platinum, which are key to the economy,” said Yang Yangkong, an analyst at Shanghai-based Bank of America Corp. Analysts have speculated that China is trying to prevent gold and other precious-metals investors from buying up shares in other privately held companies, thereby reducing its exposure to their prices.

China’s central bank said it would allow private companies to sell gold, which accounts for about a third, and other metals on a regulated market, but only in the name of providing investors with a safe haven.

Beijing has been trying for months to limit its exposure from its own assets, such as property, to foreign investors.

A central bank statement on its website said it planned to set up a gold reserve fund to be managed by the People’s Bank of China, which would be used to buy gold and foreign-exchange reserves to support the economy. “

This is an effort to put a brake on the market, and I think it will have a big impact on the price of gold.”

A central bank statement on its website said it planned to set up a gold reserve fund to be managed by the People’s Bank of China, which would be used to buy gold and foreign-exchange reserves to support the economy.

Gold reserves, which include gold bullion, silver and platinum bullion sold by banks, will be allocated to various government and commercial banks.

In addition, the central bank will issue a note to commercial banks to help them manage their gold reserves.

Earlier in the week, the People for a Liquid and Competitive Economy, a trade group, said the central government would have to pay an annual subsidy of about 1.4 trillion yuan ($1.75 trillion) to the private-equity sector to keep up with the soaring price of the metals.

China has been forced to use a $500 billion fund to purchase about 4 percent of all its gold, and the government is planning to use another $300 billion.

(Reporting by Stephanie Nebehay; Editing by Paul Simao)

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