According to sources, China's gold imports were down 300-500 tonnes, with around $15-$25 billion, since May, as the PBOC had for several months curtailed or not granted import quotas to commercial banks responsible for most of the gold that enters the country

Fast forward to today, when Reuters reports that China has partially lifted restrictions on imports of gold, according to bullion industry sources. According to the report, the central bank began to issue quotas again last week, but for lower amounts of gold than considered normal, "three people with direct knowledge of the matter in London and Asia said - without specifying exact amounts."

"Some (quotas) have been given," said one of the sources, adding that these were "less than usual." It's a "partial lift" of the restrictions, another source said.