Shanghai Gold Exchange marks 15th anniversary

Updated 2017-10-31 16:03:03 Xinhua

The Shanghai Gold exchange celebrated its 15th anniversary on Monday.

The exchange started business on Oct. 30, 2002 and the last 15 years have been a journey of opening up of China's gold market, the exchange said in a statement.

In 2007, China became the world's largest gold producer, replacing South Africa, it said. According to China Gold Association, China produced 453 tonnes of gold and bought 975 tonnes in 2016.

"The exchange has led the international gold market in terms of volumes, and the market is moving from the west to the east," said Jiao Jinpu, chairman of the exchange.

On April 19th, 2016, the exchange launched Shanghai Gold benchmark price trading. The RMB benchmark is generated twice a day at morning session and afternoon session through rounds of auction.

So far, trade has been smooth, and market participation has increased, the exchange said.

Trade of Shanghai gold was 569 tonnes in 2016. In 2017, the figure is expected to reach 1,000 tonnes, it said.

Shanghai gold will complement the dollar benchmark and provide alternative for the international gold market, it said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 15 2018 19:12:02

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 15 2018 19:12:02

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 15 2018 19:12:02

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords