Gold exchange starts operation
1 January 2003
Shanghai Gold Exchange was formally opened at the end of October, marking a key step in the liberalisation of China's gold market. The People's Bank of China, which had exercised centralised control of the metal, has now stopped selling gold and will soon also stop buying it.
Business between the 108 members of the exchange is limited to physical trading, but when rules are relaxed the exchange intends to introduce futures trading.