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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (4748)4/27/2005 8:17:18 PM
From: RealMuLan  Read Replies (1) of 6370
 
CCB to begin gold sale
Last Updated(Beijing Time):2005-04-05 17:41

The China Construction Bank will lead the other Chinese banks in entering the gold trade. The bank has announced a plan to start its own bullion sale next month in eight of its branches nationwide, including Shanghai, the Youth Daily reported.
Previously, banks only helped gold manufacturers to sell their products.
CCB has branded the new product as "Long Ding Jin" in Chinese and is having Shanghai Gold Exchange member companies produce the bullion, the same report said.
The bullion will come in a series of sizes, such as 50 grams and 100 grams. The front will depict specially designed patterns, and the back will contain the engraved Chinese characters of the brand "Long Ding Jin".
To ensure a sufficient supply for individual investors, CCB will sell the bullion over the counter rather than receiving bookings. Seeking to create new profit sources, and motivated by the domestic zeal for the newly opened gold trade, China's banks are eager to start the individual gold trade, analysts said.
As well, the other three of the country's "Big Four" state-owned banks have obtained central bank approval for gold sales and are preparing to unveil their own gold business plans.
While China Agricultural Bank is still considering introducing its own branded gold business, the Bank of China has said it has a plan to start gold sales this year. The Industrial and Commercial Bank of China will create a gold trade product in cooperation with the Shanghai Gold Exchange.
en-1.ce.cn
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