Rising gold prices continue to prompt many consumers to buy gold accessories at the Shuibei Market, China's largest gold jewelry manufacturing and trading hub based in Shenzhen City of south China's economic powerhouse of Guangdong.
Although the week-long National Day holiday ended on Monday, there are still a large number of customers coming to buy gold jewelry at the Shuibei area.
Besides the fashion identity, young Chinese consumers choose gold jewelry also for investment reasons.
"I personally prefer buying gold jewelry. If I have money saved up, I would buy it because gold tends to hold its value well," said a local resident.
In China, gold jewelry is traditionally part of the betrothal gift given by the groom's family to the bride. Therefore, wedding gold has been selling exceptionally well in this Shenzhen market.
"At present, the gold jewelry products that sell well include items like these bangles, particularly dragon and phoenix bangles, phoenix hairpins, as well as gold pig necklaces displayed on this wall," said a gold dealer.
Moreover, the gold recycling market is also booming. Rising prices have made many gold holders choose to sell their assets for profit making at gold recycling shops.
"Last year around this time, I bought gold. It's been almost a year, I must have made a profit. I bought it for over 400 yuan (about 56.6 U.S. dollars) per gram before. Now, the current recycling price is over 500 yuan (about 70.75 U.S. dollars) per gram. The recycling price is 588 yuan (about 83.2 U.S. dollars) per gram of gold," said another resident.
China's largest jewelry market sees surge in sales due to rising gold prices
China will take more steps to further facilitate cross-border financial services in Shanghai by leveraging the municipality's role as an international financial center, according to a plan jointly issued by the central bank, the Shanghai municipal government and other financial authorities.
The plan outlines 18 key measures including improving cross-border settlement efficiency, strengthening the hedging of foreign exchange risks, and enhancing the insurance sector's services for export companies.
China will further optimize the management and operation of foreign exchange business, and encourage corporate groups to establish fund pools in Shanghai to achieve efficient onshore management and use of global funds.
The country will also support financial institutions to enhance their capacity to provide digital services and improve services for enterprises to expand abroad by leveraging technologies such as blockchain.
Efforts will be made to enhance the functionality and global coverage of the Cross-Border Interbank Payment System and encourage more banks to participate in the system, according to the plan.
The plan underscores the need to develop diversified products and services to hedge against foreign exchange risks, and to promote cross-border use of the Chinese currency renminbi.
According to the plan, China will increase insurance support for key export enterprises such as domestic commercial aircraft and new energy vehicle companies. The plan also encourages collaboration between insurance companies and reinsurance firms to establish insurance consortiums, thereby enhancing their capacity to cover special risks.
China to further facilitate cross-border financial services in Shanghai
