Shanghai Gold Exchange has been given approval by the State Council to start spot trading in platinum, Reuters reported. Analysts said that the move was intended to help boost trading volumes on the exchange, which started gold trading on October 30 last year, and would help to bring the price of platinum in China more in line with global levels. At the beginning of last month, the domestic price was Yn193 a gramme, while the global price was the equivalent of Yn185 a gramme.
China is the world's top consumer of platinum. It produces around one tonne of the metal a year and imports 40 tonnes, about half of the world's total production.