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China's first precious metal exchange opens

(Xinhua)
Updated: 2011-06-28 15:06

CHANGSHA -- China's first precious metal exchange opened on Tuesday in central China's Hunan province.

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The Hunan South Rare and Precious Metal Exchange, built with a total investment of 260 million yuan ($40.2 million), opened in Hunan's Yongxing County, whose silver output accounts for one-fourth of the country's total silver output, according to Cao Minghui, the exchange's general manager.

The exchange, covering an area of 12.6 hectares, includes an exchange hall, several vaults and a quality inspection center.

"Our goal is to reach 1 trillion yuan in annual trading volume by the end of 2015," Cao said at the center's opening ceremony.

"We also hope that the exchange will give Yongxing County a voice in the global precious metal market," Cao said.

Located in southern Hunan, Yongxing County is known as the "Silver City" of China for its abundant reserves of silver. Its silver output reached 2,050 tons in 2010.