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Story Filed: Tuesday, July 16, 2002 7:44 AM EST
CHINA, Jul 16, 2002 (AsiaPort via COMTEX) -- On 8 July, 2002, Hu Chunjiang, thesenior researcher of Bank of China Guangdong Branch pointed outthat all the preparation for banks to act as agents for theinvestors to purchase or sell gold is ready, and the business willopen before the end of this year.
According to the analysis, because of the weak USD, from thisMonday, the investment value on gold presented abruptly.
Hu Chunjiang said that currently, People's Bank of China hasalready approved Industrial and Commercial Bank of China,Agriculture Bank of China, Bank of China and China ConstructionBank to open the individual gold deal business. Bank of China hasdone all the preparation, namely the liquidation system, and thesystem for purchase and sale of resident individual were developedsuccessfully, the training of relating staffs was finished, as longas the Shanghai Gold Exchange opened, the investors couldimmediately realize gold transaction.
Hu Chunjiang also introduced that the form for individualinvestor to invest on gold will be same with the form of foreignexchange, the investors can determine to purchase or sell accordingto the quote price of the banks.
After the openness of Shanghai Gold Exchange, the banks willlaunch two types of gold investment products, one is gold bankbook,which reflects the gold deal according to the capital transfer inthe gold account, the other is the small block of gold, namely realgold transaction. All the resident who possessed current depositsaving account of Bank of China can apply for the gold investmentbusiness.
>From Source: South Daily page 6, Monday, July 15, 2002
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KEYWORD: CHINA INDUSTRY KEYWORD: Marketing
Investment SUBJECT CODE: Computers, Telecom and Information Technology
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