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China Reports Expanding Silver Trade
Looser restrictions on the trade of silver and the opening of the silver market on January 1 this year has resulted in expanded silver trade in China.
Statistics from the Shanghai Huatong Nonferrous Metals Center, the only market for silver in the country designated by the State Economic and Trade Commission, show that weekly trade of the metal has increased from 7 tons to 25 tons, and a total of nearly 400 tons of silver has been traded this year, with the turnover at some 600 million yuan.
The Huatong Market has 56 silver trading members, including nonferrous-metals producers, silver-processing firms and institutional consumers and wholesalers.
The trading price on the Huatong market has now become a leading reference price for domestic producers and consumers, and the market is also electronically networked via satellite with commodities exchanges in New York and London.
The Huatong market is planning to set up four sub-markets in Shenyang, Guangzhou, Beijing, and Hohhot, and to begin electronic trading this year as part of the effort to establish a uniform nationwide silver trading system.
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