Gold-exchange plan approved
7 June 2007
The People's Bank of China has approved the Shanghai Gold Exchange to allow foreign banks as members to begin trading as early as September, the Wall Street Journal reported. Market participants said the introduction of foreign
banks may help the exchange boost trade and would pave the way for the
launch of more derivatives products. China is the world's third-largest gold consumer, and the Shanghai Gold Exchange is the only exchange that
trades gold in China, currently trading 99.95% and 99.99% of spot gold and spot-deferred gold as well as
platinum and silver.