China's new gold exchange delayed but not derailed
"The formal opening will be sometime in the first part of the year. I cannot give you an exact date at this time," said exchange executive Zhang Tingting, an executive at the Shanghai Gold Exchange.
The exchange, which is still conducting simulated trading via an Internet-based system, had been expected to announce a formal opening on 1 January, industry sources said.
However, it is now "probable the opening will be some time in the first quarter," Zhang said.
Simulated trading, begun on 28 November, is going well, but it is the tax question and other new regulations that are holding up the official opening, Zhang said.
China's gold industry is tightly controlled by the People's Bank of China, the central bank, and all domestically mined gold is sold to the bank at prices fixed by the PBOC.
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