Home>>Business
Last updated at: (Beijing Time) Friday, January 25, 2002

Gold Market to Officially Open to the Public This Year

As learned from the national conference for directors of gold bureaus convened January 24, 2002 in Beijing China's gold market was officially opened to the public on the basis of a successful operation in simulation by the end of last year.


PRINT DISCUSSION CHINESE SEND TO FRIEND


As learned from the national conference for directors of gold bureaus convened January 24, 2002 in Beijing China's gold market was officially opened to the public on the basis of a successful operation in simulation by the end of last year.

The management system of unified purchases and sales and closed-up operation for the control of the gold market carried on ever since the founding of the People's Republic of China has now been shattered to pieces with the People's Bank of China to withdraw by and by out from the gold market. Instead the gold enterprises will after all take its place by "entering into the market".

After the opening of the gold market the usual practice of many years in which the gold had to be sold to the bank will be replaced by transactions in the gold exchanges, said Shi Wanpeng, deputy chief of the State Economic and Trade Commission at the conference.

The membership system will be introduced into the gold exchanges and the first batch of members will take in 108 units, of which the gold producing enterprises come to 24 in all while eight are the gold-smelting enterprises and the rest are the commercial banks and gold-using enterprises. The gold price will see ups and downs catering to the needs of the market upon the negotiation between the suppliers and the buyers.

As informed there will see a further reform in the state gold management system after the opening of the gold market. And in the meanwhile the gold enterprises under the direct management of the state will come to form the China Gold Group Corporation with the China General Gold Corporation to take the lead.

According to Statistics, 2001 saw the output of gold came to 181.83 tons in total. It is once again a historical height, an increase of 6.83 tons as against that of the year before. The whole trade has witnessed a production value of RMB 21.26 billion-yuan with a profit of RMB 1.2 billion-yuan and the yearly average purchase price is RMB 3.81 yuan per gram lower than that of the year before.



By PD Online Staff Han Rongliang

Questions?Comments? Click here
    Advanced

China Produces 181.83 Tons of Gold in 2001

Relaxed Control of Gold to Boost Demand in Market



 

Copyright by People's Daily Online, all rights reserved