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Tuesday, 18th January 2005 (4327 views)

The Beijing-based Agricultural Bank of China has become the second Chinese bank to offer trading in gold certificates to its customers.<br/><br/>The company, which is a state-owned commercial bank, confirmed yesterday that it would offer financial instruments with returns based on gold prices.<br/><br/>Gold trading services will be launched before the Spring Festival next month.<br/><br/>Customers will be able to trade gold bullion through special accounts, without ever actually coming into contact with the metal. These transactions are named "paper gold."<br/><br/>Zhou Xiaochuan, governor of China's central bank, indicated that banks would be encouraged to provide gold trading services as part of an effort to expand investment options. <br/><br/>The Bank of China commenced gold trading in December last year.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7591573"/>

 

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