BEIJING, July 2 (Xinhua) -- China's central bank has issued new anti-money laundering and counter-terrorism financing regulations specifically targeting dealers of precious metals and gemstones operating within the country.

The new rules by the People's Bank of China (PBOC) aim to prevent money laundering and terrorist financing, combat related crimes, and standardize practices within this sector, according to a recent statement from the PBOC.

Effective on Aug. 1, dealers will be required to meet specific anti-money laundering and counter-terrorism financing obligations for any cash transaction valued at 100,000 yuan (about 13,977 U.S. dollars) or more, or the equivalent amount in foreign currency, according to the new rules.

This includes reporting any single cash transaction or cumulative daily cash transactions reaching or exceeding the 100,000 yuan threshold to the China Anti-Money Laundering Monitoring and Analysis Center. Such reports must be submitted within five working days of the transaction date.

The rules apply to all dealers legally engaged in spot trading of precious metals like gold, silver, platinum, and gemstones such as diamonds and jade within China.

Gold price in China has seen a notable increase this year, with both spot price and futures contract on the Shanghai Gold Exchange hitting an all-time high in April, highlighting market demand. ■