Society to Create Precious Metal Exchange Center in Qianhai
A precious metal exchange center will be set up by the Chinese Gold and Silver Exchange Society in Qainhai which includes a trade center, a warehouse and precious metal detection center. Although a concern group was created a year earlier to increase efforts that were organized by the Hong Kong based precious metal exchange and the Qianhai administration. Tailored policies will be created by the Qianhai Administration to give preference to the exchange society and its members.
The said center is expected to be finished in one and a half year and the exchange will be putting up and investment of up to billions of yuan in setting up a gold warehouse which can store up to 1,500 tons of gold. Small and medium buyers can take deliveries of gold that weighs from a few hundred grams to several tons in the exchange in just under 24 hours.
Having an exchange center in Qianhai will save in the cost of transportation, storage and insurance by 30 percent. The first 50 members of the Chinese Gold and Silver Exchange Society will be registered with the Qianhai administration this October.
The society was created in 1910 under the name Gold and Silver Exchange Company and in 1918 was formally registered under Chinese Gold and Silver Exchange Society an industrial association that was formed by institutions that are engaged in trading of gold, silver and various currencies of different countries in Hong Kong.