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 tons of gold and bought 975 tons 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 19, 2016, the exchange launched Shanghai Gold benchmark price trading. The renminbi 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 tons in 2016. In 2017, the figure is expected to reach 1,000 tons, it said.
Shanghai gold will complement the dollar benchmark and provide alternative for the international gold market, it said.
Source: www.chinamining.org Citation: Xinhua
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2017 was held at Meijiang Convention and Exhibition Center in Tianjin in September 23-25, 2017. We invite you to join the event and to celebrate the 19th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: m.balanzskin.com.
