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Shanghai Gold Exchange (SGE), China's only gold transaction market, is preparing to allow individuals to trade the metal within the year, sources said.
"Domestic individual investors will hopefully be able to buy or sell gold later this year," Shen Xiangrong, president of the exchange, reportedly told local media.
Shen also revealed that his exchange is co-operating with the four State commercial banks - the Agricultural Bank of China, Bank of China, China Construction Bank, and Industrial and Commercial Bank of China - to launch the new service.
The four banks have been approved by the central bank to act as gold trade agents for domestic individual investors, said the sources.
Gu Wenshuo, a publicity officer with the SGE, told China Daily that "the timetable is not set yet and is to be decided by the People's Bank of China (the country's central bank).
Gu said: "So far we have got no official approval from the central bank," but declined to comment on whether the launch of the new financial product would be delayed due to SARS.
Sources with the Agricultural Bank of China Shanghai Branch revealed that individuals would be able to open gold trade accounts at the bank once the new policies are enacted.
And small gold bullion and gold bars would be available at the bank's designated outlets.
But an officer with the bank, who declined to be named, said the details would not be finalized until the central bank released unified rules on individual participation in gold trade.
(China Daily May 20, 2003)
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