Shanghai Gold Exchange to open in late October

CHINA - Detailed rules governing the value added tax on gold trading have been clarified and the Shanghai Gold Exchange will formally open for business at the end of the month, exchange sources said on Sunday.

The gold exchange will serve as a marketplace for gold People's Daily reported, playing a major role in linking the domestic and the world gold markets. A membership system has been adopted for the Gold Exchange. Exchange member will consist of financial institutions ratified by the cent