« ROUND Home | Email msg. | Reply to msg. | Post new | Board info. Previous | Home | Next

China to ban unauthorized gold exchanges

By: Decomposed in ROUND | Recommend this post (0)
Wed, 28 Dec 11 7:46 PM | 35 view(s)
Boardmark this board | De's Test Board
Msg. 37419 of 45651
Jump:
Jump to board:
Jump to msg. #

A short while ago, China was encouraging its people to buy gold. But now THIS has happened.

What do you suppose it means? 

China to ban unauthorized gold exchanges

By Chris Oliver

HONG KONG (MarketWatch) -- China's central bank has ordered all gold exchanges, apart from the official exchange in Shanghai, to cease operations, according to a statement Tuesday. Unauthorized gold exchanges and related trading platforms have sprung up around the country as bullion prices soared, often operated by institutions or individuals, according to the state-run Xinhua news agency, which cited a statement posted on the People's Bank of China website. The statement cited inadequate management, irregular activities and evidence of illegal activity as risks that were behind its decision to impose the ban. The Pboc reportedly said it plans to work with the Shanghai Gold Exchange and the Shanghai Futures Exchange to help foster the development of the nation's gold market.


http://www.marketwatch.com/story/china-to-ban-unauthorized-gold-exchanges-2011-12-28




Avatar

Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months




» You can also:
« ROUND Home | Email msg. | Reply to msg. | Post new | Board info. Previous | Home | Next