The Notice on Strengthening the Management of Gold Exchanges or Gold Trading Platforms recently issued jointly by the Central Bank, the Ministry of Public Security, the State Administration for Industry and Commerce, the China Banking Regulatory Commission and the China Securities Regulatory Commission clearly stipulates that no place, institution or individual may set up gold exchanges or gold trading platforms in other trading places except Shanghai Gold Exchange and Shanghai Futures Exchange. Under construction, all related establishment activities shall be terminated; Those who have already started business should immediately stop starting new business.
According to the notice, due to the rapid rise in the trading price of gold, investors are enthusiastic about investing. In recent years, some localities and institutions have set up their own exchanges (gold trading platforms). The management of these exchanges (gold trading platforms) is not standardized, the problems of violation of laws and regulations are prominent, and the risks are gradually exposed.
It is clear in the notice that Shanghai Gold Exchange and Shanghai Futures Exchange are gold trading exchanges approved or agreed by the State Council, and the two exchanges have been able to meet the demand of domestic investors for spot or futures investment in gold.
The notice proposes that under the unified leadership of the local people's government, the central bank will take the lead in properly cleaning up the relevant gold business; For the gold exchange (trading center) ordered to close or cancel, the relevant departments will order it to change its registration, cancel its registration, or revoke its business license according to law; Banking financial institutions shall stop providing intermediary services such as account opening, custody, fund transfer, trading agent and investment consultation; Anyone suspected of committing a crime shall be transferred to the local public security organ for investigation according to law.
The relevant person in charge of the central bank said that gold has monetary properties and is an important part of a country's central bank's international reserves, which is different from ordinary precious metals. In order to maintain economic and financial security and social stability, gold trading should be conducted in standardized trading places approved by relevant financial management departments in the State Council or the State Council. In the next step, the central bank will actively guide the Shanghai Gold Exchange and Shanghai Futures Exchange to do a good job in product innovation and trading system construction, and steadily promote the healthy development of the gold market.