It's being reported three more banks operating in China have been given the green-light to import gold.
The report says Shanghai Pudong Development Bank, China Merchants Bank and London-based Standard Chartered have been given licenses to become gold importers.
If the reports are accurate, this would bring the total number of gold importing banks in China up to 15.
The move comes ahead of the launch of a new international bullion exchange in Shanghai next month.
China and other gold trading centers in Asia have been calling for more localized pricing for the precious metal as they seek alternatives to the global benchmark set in London on a daily basis.
For more on this, Shane Bigham spoke with Benjamin Cavender, associate principal at China Market Research in Shanghai.
