Gold trade opens to individuals

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Last updated at: (Beijing Time) Wednesday, November 19, 2003

Gold trade opens to individuals

The Bank of China (BOC), one of the four big state banks of China, opened gold trade services to individuals on Tuesday in Shanghai.

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The Bank of China (BOC), one of the four big state banks of China, opened gold trade services to individuals on Tuesday in Shanghai.

Individual investors can now trade the precious metal at 95 business outlets of the BOC Shanghai Branch, or dial 95566 to make transactions or on-line trading at www.sh.bank-of-china.com.

To encourage more individuals to participate in the gold trade, the BOC set 10 grams of gold as the lower limit for trade.

Shanghai was a trading center for gold in the 1930s and 1940s. China set up a gold exchange in the city one year ago, ending more than 50 years of government monopoly over the gold market in China.

Gu Wenshuo, an official with the Shanghai Gold Exchange, the only gold transaction market in China, said opening of the gold market would boost consumption of gold and private investment in China.

Against the backdrop of gloomy stock and securities markets, trading in gold was expected to become an important investment arena for Chinese individuals, Gu said.

The other three state banks, the Industrial and Commercial Bank of China, the Construction Bank of China and the Agricultural Bank of China have stepped up their preparations for launching gold trading.

Last year, the three banks launched eight new gold services, including retail sales of gold.

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