Reported by: Emon CRWE Newswire Middle East correspondent.

The transaction value of gold on the Shanghai Gold Exchange (SGE) broke all historic records in the first three quarters of 2010, it amounted 4613 tons which is 46 % more than was observed in first three quarters in 2009. In monetary terms, it valued to 1.19 trillion Yuan ($179 billion) presenting an increase of 84%.

Song Yuqing, Vice President of SGE, said that within a year, there has been a sharp increase in the number of clients - indeed, by the end of September that number has exceeded 1.6 million, including 4,548 corporate and 1.59 million individuals. Number of members of the exchange reached 163, including 25 representatives from the financial sector.

Currently, China has become the largest gold producer in the world. In 2009, gold production reached 314 tons, making the country first place in the world for the third consecutive year.

_____________________________________________

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.