Monday, December 3, 2012
China, which is on schedule to surpass India as the world's top gold consumer this year, is determined to open up its domestic market for the yellow metal to the international community further. It also wants to develop Shanghai into a major gold trading center.
The country will allow over-the-counter gold trading between banks for the first time on Monday. Meanwhile, the Shanghai Stock Exchange could launch gold exchange-traded funds early next year if it receives government approval by the end of this year, the state-run China Securities Journal said last week, citing an exchange official.