-->BEIJING (AFX-ASIA) - China will cut its 38 pct duty on imported gold products, the Securities Times reported, citing Zhang Yongtao, deputy director of the China Gold Association.

Zhang said the current level will be reduced but did not say when or by how much.

He said the move will pave the way for foreign producers to enter the domestic market.

Last year, China was the fourth largest gold consumer in the world, Zhang was quoted as saying.