BEIJING - The People's Bank of China (PBOC), China's central bank, announced Tuesday that it is banning local regions, institutions or individuals from setting up gold exchanges apart from the existing Shanghai Gold exchange and Shanghai Futures Exchange.
The country also bans the establishment of any gold trading platforms in other exchanges, a statement on the PBOC website said.
The statement said the country has ordered a cease to the building of any new gold exchanges or trading platforms. Those which have opened for business must cease operations.
The ban came amid bigger risks in gold trading after some local regions, institutions and individuals grew enthusiastic in setting up gold exchanges and trading platforms in recent years as gold prices soared, which led to a surge of illegal practices due to inadequate management, the statement said.
It added the central bank will work with the Shanghai Gold Exchange and Shanghai Futures Exchange to boost the healthy development of the country's gold trading market.
Related StoriesNation urged to increase holdings of gold 2011-12-27 09:33
Time to boost gold reserves 2011-11-04 08:53
China gold demand may hit 400 tons in 2011 2011-11-09 10:15-Comments (English only) View Comments
Username
Messages that harass,abuse or threaten others;have obscene or otherwise objectionable content;have commercial or advertising content or links may be removed.SubmitComments: (0)
Most Viewed Today's Top News Fast growth in spending
boosts economy
DPRK prepares for Kim's funeral
M&A reviews on fast track
Satellite navigation system launched
Plan to boost services for elderly
China, S Korea hold strategic dialogue
China GPS system begins service
First rare earth export quota for 2012
Video Slide Podcast Pictures CUC Best Workshop: Ghost festival Red Bull sponsors China Beach Volleyball
Christmas atmosphere all over the world Steve Jobs statue unveiled in Hungary
China's tennis ace eyes next year's Olympics
Foreign pilots call for better safety systems
Anti-Gadhafi forces take heavy losses
Rising waves of sea disputes
Highway cracks after 1 month
Swans from Siberia spend winter in C China Famous monk's path to art of wood
Hot Topics
HIV/AIDS, Egypt protest, Thanksgiving, climate change, global economic recovery, home prices, high-speed railways, school bus safety, Libya situation, Weekly photosEditor's Picks
Fake seals seized
In photos: Siberian tigers in NE China
DPRK prepares for Kim's funeral
Iranian navy holds drill in Strait of Hormuz
China saw stunning string of victories
China's top ten sports news in 2011
More China News
DNA test to help send vagrant children home
Officials jailed for insider trading
M&A reviews to be given new fast-track procedure
Stringent measures to protect Bohai Bay
Wen stresses protection of farmers' rights
Fast growth in fiscal spendingSpecials
Hu attends APEC summit
2nd National Mind Sports Games
more -
XShare To...XbSyncSina MiniblogQQ MiniblogKaixin001QzoneNetease MBSohu BaiTwitterMySpaceRedditdeliciousRenrenSohu MiniblogDoubanHexun WeiboFacebooklinkedInDiigoMore... (127)
