Shanghai Gold Exchange(shang hai huang jin jiao yi suo )

Shanghai Gold Exchange

The Shanghai gold exchange is approved by the State Council, established by the people's Bank of China and registered with the State Administration for Industry and commerce. It is the only state-level market legally engaged in gold trading in China. It organizes gold trading in accordance with the principles of openness, fairness, impartiality and good faith. It does not aim at making profits and implements self-discipline management.

Institutional background

With the approval of the State Council, the Shanghai gold exchange is established by the people's Bank of China. It performs the functions specified in the measures for the administration of the gold exchange, organizes gold trading in accordance with the principles of openness, fairness, impartiality and good faith, and implements self-discipline management for non-profit purposes. The exchange officially opened on October 30, 2002.

The exchange adopts the form of membership organization, and its members are composed of financial institutions registered in the people's Republic of China and engaged in gold business, enterprise legal persons engaged in the production, smelting, processing, wholesale, import and export trade of gold, silver, platinum and other precious metals and their products, and units with good credit. At present, there are 162 members, scattered in 26 provinces, cities and autonomous regions. Shanghai gold exchange is the world's largest spot gold exchange, with a total trading volume of 4.44 trillion yuan by the end of 2011.

Standard gold and platinum are traded through the centralized bidding mode of the exchange, with price priority and time priority. The non-standard varieties are carried out through inquiry and other ways, and independent quotation and negotiation are implemented. Members can choose to trade on-site or remotely.

The exchange mainly implements standardized match trading. The trading hours are 9:00 a.m. to 15:30 p.m. and 19:50-2:30 p.m. from Monday to Friday (except holidays). The commodities of the exchange are gold, silver and platinum. Gold has four kinds of spot fixed trading varieties: au99.95, au99.99, au50g and au100g, two kinds of delayed trading varieties: Au (T + 5) and Au (T + D), two kinds of medium and long-term trading varieties: Au (T + N1) and Au (T + N2); silver has ag99.9, ag99.99 and Ag (T + D) spot margin trading varieties; platinum has pt99.95 spot fixed trading varieties Bank of China, Agricultural Bank of China, industrial and Commercial Bank of China, China Construction Bank, Shenzhen Development Bank, industrial and Commercial Bank of China, Huaxia Bank and other clearing banks designated by the exchange shall implement the principle of centralized, direct and net fund clearing. The physical delivery of the exchange implements the delivery principle of "one yard for one household". 55 designated warehouses are set up in 37 cities across the country, and the gold ingots and bars are uniformly distributed by the exchange.

The establishment of Shanghai gold exchange, together with money market, securities market and foreign exchange market, has formed a complete financial market system in China. In the future, under the leadership of the people's Bank of China, the exchange will, as always, keep pace with the times and make greater contributions to the prosperity of China's gold market.

basic function

The basic functions of SGE are as follows:

（1） Provide gold, silver, platinum and other precious metal trading venues, facilities and related services;

（2） To formulate and implement the business rules of the gold exchange and standardize the trading behavior;

（3） Organize and supervise the trading, settlement, delivery and distribution of gold, silver, platinum and other precious metals;

（4） Formulate and implement risk management system to control market risk;

（5） Generate reasonable price and release market information;

（6） To supervise the normal operation of members' gold business and the timely performance of trading contracts, and to investigate and deal with members' violations of the relevant provisions of the exchange;

（7） Supervise the gold business of designated delivery warehouse;

（8） Communicate with international and domestic gold market, strengthen the exchange with international gold industry;

（9） Other functions stipulated by the people's Bank of China.

Organizational form

The gold exchange adopts the form of membership organization. Its members are composed of financial institutions registered in the people's Republic of China and approved by the people's Bank of China to engage in gold business, enterprise legal persons engaged in the production, smelting, processing, wholesale, import and export trade of gold, silver, platinum and other metals and their products, and units with good credit. At present, there are 108 members, including 13 commercial banks, 24 gold producing units, 61 gold using units, 8 smelting units and 2 mint units. The members are scattered in 26 provinces of China. According to their business scope, the members of the exchange are divided into financial members, comprehensive members and self operated members. Among the members, there are 14 in the financial category, 77 in the comprehensive category and 17 in the single category. According to the preliminary statistics, the middle-aged gold production of member units accounts for about 75% of the whole country, the gold consumption accounts for 80% of the whole country, and the smelting capacity accounts for 90% of the whole country.

Basic business

Open an account

1、 Shanghai gold exchange account opening requirements and procedures:

1. Requirements for opening an account: all domestic institutions and personnel who are keen on or need physical and investment speculation in gold, platinum and silver can handle the procedures for opening an account with the assistance of members according to the requirements of Shanghai gold exchange.

2. Information to be provided:

(1) Business license

(2) Organization code certificate

(3) Tax registration certificate state tax and local tax

(4) General taxpayer Certificate (required by general taxpayer enterprises, not all of them are not required)

(5) ID card of legal representative

(6) Instruction client ID card

Two copies of the above certificates (with official seal)

3. Correctly fill in the "instructions to customers", "agreement on gold spot principal-agent transaction" and "registration form of Shanghai gold exchange account opening", and sign and seal.

4. Members shall report to Shanghai gold exchange for approval and record.

5. The deposit of RMB 10000 should be paid into the agency account of Shanghai gold exchange.

6. The customer transaction code is generated by Shanghai Gold Exchange and the account opening is completed.

2、 Transfer in of deposit for account opening and transaction:

In order to ensure the safety of customers' funds, Shanghai Gold Exchange implements closed management of customers' funds and strictly controls the transfer of funds.

1. The funds shall be deposited or transferred into the agency account of the company in the clearing bank of Shanghai gold exchange. Namely:

Bank of deposit: account number:

2. After transferring funds to Shanghai gold exchange, the customer shall timely inform the financial department of the company of the details of the transferred amount and fax the bank receipt to the financial department of the company.

3. The financial department of the company shall ensure that the funds are transferred to the account of the Clearing Department of Shanghai Gold Exchange in time within 20 minutes of the opening time after receiving and approving the funds, and inform the customers of the completion of the deposit.

4. Customers can query the deposit situation through online customer trading system.

transaction mode

In the initial stage of the opening of the exchange, spot gold trading is carried out. Before trading, the buyer member must deposit the corresponding amount of RMB in the account designated by the exchange. The selling member must deposit all the gold to be sold in the gold delivery warehouse designated by the exchange. In accordance with the principle of "price first and time first", members can choose to trade on-site or remotely by means of free quotation, matchmaking, centralized clearing and unified distribution.

Trading varieties

The exchange implements standardized trading, and trading gold must meet the standards stipulated by the exchange; the quotation unit of gold trading is RMB yuan / g (with two decimal places reserved), and the minimum trading unit of gold ingot is kg. The minimum quantity of gold ingot is 6kg. The commodities traded are gold, silver and platinum.

Transaction time

From Monday to Friday, 09:00-11:30 am, 13:30-15:30 PM, 20:00-02:30 PM, 19:50 PM, trading on Monday night included in the next day, and so on, trading on Thursday night included in Friday, closed on holidays.

Capital liquidation

The exchange designated 16 banks including ICBC, Bank of China, China Construction Bank and Agricultural Bank of China as clearing banks to implement the principle of centralized, direct and net capital clearing.

Warehouse delivery

The exchange implements the delivery principles of "deposit in selected warehouses" and "pick up goods in selected warehouses". It has set up 41 designated delivery warehouses in 34 cities across the country. Members can freely choose the delivery warehouses to deposit or withdraw gold. The gold is allocated and transported by the exchange, and the exchange is responsible for distribution to ensure that the gold can be obtained within 3 days after the transaction.

quality testing

The exchange shall appoint a quality inspection agency to undertake the work of quality standards of gold ingots and bars, qualification certification of qualified smelters and grades, arbitration and testing of product quality disputes, etc. the gold ingots traded by the exchange shall be the gold produced by the enterprises certified by the exchange to provide standard gold ingots and bars, and the qualified smelters shall be responsible for the quality of their products for life Responsibility.

transaction cost

The exchange charges a certain proportion of the transaction amount. From March 1, 2012, the new handling charge standard will be implemented: the handling rate of gold varieties: Au (T + D) will be reduced from 0.03% to 0.025%; the handling rate of spot gold varieties will be reduced from 0.045% to 0.04%. Silver varieties: the handling rate was reduced from 0.03% to 0.025%. Platinum varieties: the handling rate was reduced from 0.05% to 0.045%. The service rate of other varieties (contracts) remains unchanged

Tax principles

Approved by the Ministry of Finance and the State Administration of Taxation, the standard gold traded through the exchange is exempted from VAT and refunded immediately after VAT.

The role of banks

In accordance with the international practice and market principles, we should adjust the supply and demand in the case of changes, participate in market transactions, provide gold mortgage, leasing, agency and personal gold trading business and other financial services

Chinese PinYin : Shang Hai Huang Jin Jiao Yi Suo