The Shanghai Gold exchange celebrated its 15th anniversary on Monday.
The exchange started business on Oct. 30, 2002 and the last 15 years have been a journey of opening up of China’s gold market.
In 2007, China became the world’s largest gold producer, replacing South Africa. According to China Gold Association, China produced 453 tonnes of gold and bought 975 tonnes in 2016.
“The exchange has led the international gold market in terms of volumes, and the market is moving from the west to the east,” said Jiao Jinpu, chairman of the exchange.
On April 19th, 2016, the exchange launched Shanghai Gold benchmark price trading. The RMB benchmark is generated twice a day at morning session and afternoon session through rounds of auction.
So far, trade has been smooth, and market participation has increased, the exchange said.
Trade of Shanghai gold was 569 tonnes in 2016. In 2017, the figure is expected to reach 1,000 tonnes, it said.
Shanghai gold will complement the dollar benchmark and provide alternative for the international gold market, it said.