As pointed out on the JMTC forums:
China is apparently banning the sale of virtual goods within their county (both imports and exports) as of June 29th, 2009. Here's a link to the article from Information Week:
EDIT: Check this article as well - http://www.gamesindustry.biz/articles/reports-of-chinas-gold-farming-ban-misinterpreted - who do you think is right?
Very interesting stuff. So how will this affect the world of warcraft economy? The way gold farmers make their gold is by farming massive amounts of goods (usually materials for enchants or crafting) and then selling as much as possible for ridiculously low prices (as compared to market norm). The end result from removing the 80-85% of gold farmers of the world who live in china will be rising prices across the board in world of warcraft, particularly in the area of material goods.
If you're thinking to yourself "self, there are no farmers on my server," well then think again. Farming and account leveling groups usually operate together. When you see someone spamming in trade chat about a new powerleveling service you can bet money that there are also high level farmers on that server who will double as account power levelers. They are hard to find on the auction house by name because they try to meet quotas at the end of their shifts; They'll dump everything for super low prices at once, get bought out, and then dissapear until the end of their next shift.
Will this kill gold farmers? Absolutely not. They will adapt and get back into business as usual eventually, but hopefully many of the smaller operations will be shut down. The problem with gold farming is that there are gold buyers, so as long as there is a market then the former will sell to the latter.
I'm going to be watching the prices of easily farmed goods (herbs, ores, skins, etc) closely to see if they slowly increase over the course of the next month or so.
On a side note, the sale of pre-paid game cards are also banned.