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Paper Gold Trading to Start in Guangdong Next Month.
(From SinoCast China Financial Watch)
GUANGZHOU, December 27, SinoCast -- With a specialized savings account in the Bank of China, citizens of southern China's Guangdong Province will take the lead across the country to invest in gold by dealing in paper gold products. A source at the Bank of China's Guangdong Branch said the branch was scheduled to introduce the new business in January 2005, providing an alternative investment channel for the big- ticketed Guangdong natives. Bank of China, one of the country's four biggest state lenders, became the first local bank winning go-ahead from Beijing to offer individual investors gold paper, a gold-backed product similar …
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