Trading Exchange, 1,500-tonne Depository Planned for China

Business Recorder reported that the Chinese Gold & Silver Exchange Society plans to set up a physical bullion trading exchange, as well as a 1,500-tonne depository, in mainland China within the next year.

The firm is making the move in an effort to tap China’s growing demand for gold.

As quoted in the market news:

It has been in talks to open a warehouse in China’s free trade zone in the Qianhai district of Shenzhen that has struggled to take off some three years after it was first touted as a new ‘mini-Hong Kong’.

But talks are finally getting serious after last year’s launch of the Shanghai free trade zone, CGSE President Haywood Cheung told Reuters. ‘Three years ago we started negotiating with them to build a vault for gold and silver. It is now finally down to an ad hoc committee,’ said Cheung, adding that Qianhai officials had asked for CGSE’s plans and proposals.

‘Within the next six to 12 months we are hopeful of launching the vault.’

Click here to read the full Business Recorder report.