Shanghai gold import surges

GMT 10:15 2014 Friday ,19 September

Arab Today, arab today Shanghai gold import surges

Shanghai gold exchange
Shanghai - XINHUA

Gold imports travelling through Shanghai's Pudong International Airport surged by 200 percent month on month since June as the Shanghai Gold Exchange (SGE) announces plans to allow foreign investment into China's gold market.
In preparation for SGE launching its international board on Thursday, 15.98 billion U.S. dollars worth of gold were delivered through the airport across 48 shipments in the first 8 months of this year.
The yuan-denominated board was opened in the China (Shanghai) Pilot Free Trade Zone, a move to encourage foreign participation in China's tightly controlled gold market.
Two tonnes of gold from Switzerland arrived at the Shanghai airport on Thursday and entered into a warehouse 8 hours later with improved customs clearance services.
China is the world's largest producer and consumer of gold. The SGE has been the top gold trading location in the world for 7 consecutive years with trading volume reaching 11,600 tonnes in 2013.

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