Beijing, Dec 28 (IANS) China's central bank has announced it will not authorize the setting up of new gold exchanges in the country.
The People's Bank of China has also banned setting up of gold trading platforms in other exchanges, the China Daily reported Wednesday.
The ban came after some institutions and individuals have set up gold exchanges and trading platforms as gold prices soared in the country, leading to a surge of illegal practices due to inadequate management.
Those which have opened for business must cease operations, the bank said in a statement.
The central bank will work with the Shanghai Gold Exchange and Shanghai Futures Exchange to boost the healthy development of the country's gold trading market, the statement added.