Individuals to directly trade gold bullion in June
(Xinhua)
Updated: 2004-05-28 16:07

Chinese individual investors can buy and sell gold bullion beginning in June in Beijing and Shenzhen through the China Merchants Bank (CMB), according to CMB sources Thursday.

The bullion will become a new kind of tool for gold investment in China, and will be issued by the CGS company, a joint venture of Chengdu Banknote Printing Company and Bullion Road Limited.

The CGS bullion, weighing 2, 5 or 10 ounces each with gold content of 99.99 percent, are made by the Great Wall Gold and Silver Refinery, said Li Hao, vice president of the CMB, on Thursday.

Currently individuals still cannot directly buy and sell gold products in the Shanghai gold exchange center, said Chen Bingfu, board chairman of the CGS company.

From June, individuals can buy and sell CGS bullion through CMB at the daily price publicized on newspapers and websites, said Li, noting that CMB is the first Chinese bank doing business on bullion purchase and sales.

The price levels in the London Bullion Market and Shanghai gold exchange center will determine the CGS bullion price, according to Li.

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