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Silver Market Officially Begins Operation
The Shanghai-based Huatong Silver Trading Center, which has been designated by the State Economic and Trade Commission as the first silver market in China, Wednesday began operation officially.
The center has handled more than 400 tons of silver transactions with a total value of 600 million yuan (US$ 72.29 million) since it initiated trial operation on December 28, 1999.
The center also launched a website: www.htmetal.com.cn. Information on rules and regulations on nonferrous metals industry, as well as related data can be obtained at the website.
Silver had long been considered a special commodity in China, and the People's Bank of China, the country's central bank, had been in charge of its unified purchase and sale.
As silver supply exceeded demand in the past decade, the central government announced its decision to allow silver to be traded on the open market at the end of last year.
China produces about 1,300 tons of silver annually and consumes some 800 tons a year.
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