| Global Times | December 27, 2011 22:10
By Wang Jiamei
Gold exchanges other than the two in Shanghai are to be banned in China, authorities said in a statement released yesterday.
The notice published on the central bank's website said the Shanghai Gold Exchange and the Shanghai Futures Exchange are enough to meet domestic investor demand for gold spot and futures trading. Existing exchanges and platforms were told to stop offering new services.
The notice cited lax management, irregular activities and evidence of illegality that increased risk as the reasons for the decision.
Banks will stop providing services to such exchanges, while some people will be investigated.
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