| Monday, November 12, 2001, updated at 20:55(GMT+8) |
Chinese Bank Prepares for Opening of Gold Market |
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The Industrial and Commercial Bank of China (ICBC) will actively participate in the operation of the Shanghai Gold Exchange which will start trial operation on November 28, said a spokesman for the ICBC.
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The Industrial and Commercial Bank of China (ICBC) will actively participate in the operation of the Shanghai Gold Exchange which will start trial operation on November 28, said a spokesman for the ICBC.
The spokesman said that, as a financial member of the exchange, the ICBC is making preparations to meet the opening of the gold market.
He said that the bank has been following the preparations of the gold market since April this year, and has formulated capital clearing plan for gold trading. The headquarters of the bank has set up a gold market working team to manage related issues.
So far the ICBC has worked out a range of service plans, including clearing, storehouse, gold trading, leasing, financing for gold projects, gold purchasing, gold investment projects, gold import and export and individual gold trading.
The spokesman said that the ICBC has been pinpointed by the central bank as the clearing bank and materials trust bank for the gold exchange, and the ICBC has basically finished preparations for serving the exchange.
Experts from the financial sector said that with the gradual opening of the gold market, the ICBC and other commercial banks will play a significant role in the market.
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