By IANS,
Beijing : China’s first precious metal exchange opened Tuesday in central China’s Hunan province.
The Hunan South Rare and Precious Metal Exchange was built with a total investment of 260 million yuan ($40.2 million), said Cao Minghui, the exchange’s general manager.
The exchange opened in Hunan’s Yongxing county whose silver output accounts for one-fourth of the country’s total silver output, Xinhua reported.
The exchange comprises an exchange hall, several vaults and a quality inspection centre.
“Our goal is to reach 1 trillion yuan in annual trading volume by the end of 2015,” Cao said at the opening ceremony.
Yongxing county is known as the “Silver City” of China for its abundant reserves of silver. Its silver output reached 2,050 tonnes in 2010.