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The sixth RNA China Gold and Precious Metals Conference held in Shanghai reinforced the claim that the eastern metropolis is becoming the country's gold trading center.
Another evident sign to justify Shanghai's claim is the establishment of China's first gold exchange in the city, industrial sources said Wednesday.
The Shanghai Gold Exchange has to date solicited 108 members, including production, processing and distribution enterprises.
Exchange officials say its location in Shanghai is closely related to the city's status as China's financial center and its prospects as a future international financial hub.
The most modern city in China, Shanghai boasts an inter-bank market for bonds and local and foreign currencies, exchanges for silver, diamonds and futures, and one of China's two stock exchanges. Funds flow in and out of the city every day, which ensures an easy access to settlement service and fundraising for gold transactions.
Shanghai, one of the largest gold consumers in China, registers more than two billion yuan (241 million US dollars) in sales of gold and jewelry annually.
(Xinhua News Agency September 12, 2002)
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