First, the history and present situation of China gold market
1, historical overview of China gold market.
Experience in the development of China's gold market: 1950 In April, the People's Bank of China formulated the Measures for the Administration of Gold and Silver (Draft), which froze private gold and silver transactions and clearly stipulated that domestic gold and silver transactions should be managed by the People's Bank of China. 1On June 5, 983, the State Council issued the Regulations on the Administration of Gold and Silver in People's Republic of China (PRC), which stipulated that the state should implement the policy of unified management, unified acquisition and unified distribution of gold and silver; All gold and silver receipts and payments of Chinese organs, armed forces, organizations, schools, state-owned enterprises, institutions and urban and rural collective economic organizations are included in the national gold and silver receipts and payments plan; It is forbidden to buy, sell, lend or mortgage gold and silver without permission. 1999165438+1October 25th, China opened its silver market, and the free trading of silver was closed for half a century. On February 28th of the same year, Shanghai Huatong Nonferrous Metals Spot Center Wholesale Market became the only silver spot trading market in China. In April of 20001year, Dai Xianglong, governor of the People's Bank of China, announced the cancellation of the planned management system of "unified purchase and distribution" of gold and the establishment of a gold exchange in Shanghai. On June 30th, 2002, 10, the Shanghai Gold Exchange was opened, and the gold market in China was fully opened. On March 3 1 2003, the People's Bank of China cancelled 26 administrative examination and approval items according to the Decision of the State Council on Cancelling the Second Batch of Administrative Examination and Approval Items and Changing the Management Mode of a Batch of Administrative Examination and Approval Items on February 27, 2003, of which items 3, 4, 5 and 6 cancelled the gold purchase license, gold product production and processing wholesale business approval, gold supply approval and gold product retail business approval respectively. In June 2004, the investment gold bars sold and repurchased at the international market price appeared for the first time in China. On August 16 of the same year, Shanghai Gold Exchange launched the spot deferred delivery service of Au(T+D) gold. On September 6th, 2004, Zhou Xiaochuan, governor of the People's Bank of China, said at the annual meeting of the London Gold and Silver Market Association (LBMA) that the gold market in China should gradually realize three changes: first, the gold market should change from commodity trading to financial trading; The second is to realize the transformation of China gold market from spot trading to futures trading; The third is to realize the transformation of China gold market from domestic market to international market and then to global market. It can be seen that the transformation of China's gold market from closed to fully open is a long and arduous process, and the internationalization of the gold market is the inevitable trend of the development of the gold market. Since gold has been allowed to circulate freely in the market as a commodity, there is no need to restrict its circulation channels, trading methods and trading modes. What's more, the state has not made any restrictive provisions on the trading methods and trading modes of gold trading. Therefore, it will be the main choice and the inevitable development trend of China gold market to introduce the mature market-maker trading system and trading mode which have existed for hundreds of years in the world, and combine the trading mode of electronic system network trading platform which is ubiquitous and convenient at home and abroad.