The Shanghai Gold Exchange (SGE) specializes in gold, silver, platinum and also other precious metals. As part in the deregulation from the Chinese gold industry and also the conclusion on the 50-year old country monopoly on gold, the SGE was founded in 2002. Its members consist of commercial banks, gold miners, customer units, refineries and mints.
In 2007, locally incorporated foreign banks were accepted as members. already 5 subsidaries of foreign banks are members of SGE along with therefore allowed to package in gold at this exchange. They are the Standard Chartered Bank and HSBC. In 2008 Chinese commercial banks were allowed to offer gold futures at the Shanghai Futures Exchange if they were members from the SGE.
Transactions are subject to 0.6% commission. Settelement is done coming from China’s 4 commonwealth-run banks. These are classified as the Agricultural Bank of China, the Construction Bank of China, the Bank of China along with the Industrial and Commercial Bank of China.
The Shanghai Gold Exchange is primarily aimed at the jewelry field. Gold trading takes place in levels of 1kg or THREE kg and with a purity of 99.95% or 99.99%. Prices are quoted in Chinese yuan. In 2006 the turnover was twice the annual jewelry want.
originally written here
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