China lowers gold trading threshold for private investors
(Xinhua)Updated: 2006-12-26 09:57
China's gold market is currently restricted to spot trading, but the SGE has
been developing derivatives such as futures, options and investment
funds.
Cheng predicted the country's gold output would exceed 240 tons
this year, with gold sector profits topping 5.5 billion yuan, a record
high.
The country produced 169.28 tons of gold in the first three
quarters of the year, a rise of 12.62 tons on the same period last year, and
raked in 3.9 billion yuan (about 487 million U.S. dollars) in pre-tax profits,
up 52 percent on comparable figures from last year.
China now ranks third
in the world in terms of gold consumption, after India and the United
States.
Song Yuqin, deputy general manager of SGE, said Chinese people
are fond of gold and are keen to keep gold as an asset.
Gold consumption
exceeded 300 tons in China last year, 81 percent of which went to the
jewellery-making sector.
 | 1 | 2 | 3 |
(For more biz stories, please visit Industry Updates)