Shanghai Gold Exchange to Opens in Late October

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Last updated at: (Beijing Time) Monday, October 14, 2002

Shanghai Gold Exchange to Opens in Late October

Detailed rules governing the value--added tax on gold trading have been clarified as the Shanghai Gold Exchange and will formally open for business at the end of the month, exchange sources said on Sunday.

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Detailed rules governing the value-added tax on gold trading have been clarified as the Shanghai Gold Exchange and will formally open for business at the end of the month, exchange sources said on Sunday.

The gold exchange will serve as a marketplace for gold, playing a major role in linking the domestic and the world gold markets. A membership system has been adopted for the Gold Exchange. Exchange member will consist of financial institutions ratified by the central bank to trade gold, and also of corporations that deal in gold production, processing and wholesaling. Gold importers and exporters will also qualify as members.

One hundred and eight members from 26 provinces, autonomous regions and municipalities across the country have registered as members. The exchange was established in 2001 for trial operation, and is viewed by many as a significant forward step in China's deregulation of the gold market.

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