Others News
- Regulator gives nod to gold futures trading
Date: 13-Sep-2007 Sources: (Shenzhen Daily)
THE China Securities Regulatory Commission (CSRC) has approved the trading of gold futures on the Shanghai Futures Exchange.
In a notice posted on its Web site yesterday, the country's securities regulator said the exchange will start trading its sixth futures product in the near future.
The country's first gold futures are expected to provide hedging opportunities for producers amid volatile global prices and curb the underground gold futures trade.
Gold traded at US$703.95 a troy ounce Tuesday. It has gained 11 percent in value since the start of this year.
'This has been expected for a long time and the launch of futures will attract more market players, including individuals,'said Yang Yijun, a gold analyst at Chengdu Wellxin Consulting Co., a precious metals research firm.
The Shanghai Gold Exchange said earlier it was also awaiting approval for trading in gold futures from the CSRC.
The exchange currently trades spot gold and spot deferred gold. It also said in April that it had won approval from the People's Bank of China.
China was the third-largest gold producer last year, with total production rising 7.2 percent to 240.08 metric tons.
The Shanghai Futures Exchange currently trades copper, aluminum, zinc, natural rubber and fuel oil futures.
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