摘要
中国黄金市场开放在即，但未来黄金市场的模式是什么？是以有形的现货交易市场为主？还是以银行间与银行柜台交易为主？本文作者认为，以商业银行为核心组建中国黄金市场（包括建立黄金交易所）将使黄金体制改革成本最低、效果最好。未来的中国黄金市场只有构筑在以商业银行为核心的基础上才能够持续稳定的发展。
The criteria to judge the succes of reform of gold industry in China are if distubranceingod industry including gold mining and jewelry can be aqvoide; and if China's capital market,in particular the froeign exchange market,can be guaranteed without signifcantimpact being incurred These two conditions can only be met if the Chinese gold market is built on a basis of commer cial bank being taken as the kernel The coming China's gold market will developsteadily. 1. An unbodied bank-to-bank market between commercial banks,which is the kernel of China's goldmarket With the modern technology in ternet,aninternet trading center may be set up by the People's Bank of China It will be a mode of central market in between the in visible market and counter trading market,which members will be limited to commercial banks The Commercial banks are referred to those with qualification to do foreign exchange business They may be a warded by the central government to do gold position based on practical gold demand via international gold market,ie, international gold trade banks(similar to foreign exchange position by actual need),in order to a void price risks Other banks may adjust their accumulated gold positions through the kernel banks,so as not to suffer form extreme price risk. 2. Counter trade system ofr gold (Similar to the foreign currency exchange in China_),wich is the foundation offuture gold marketin China 3. Commercial banks publish gold price daily,in terms of 'bid'and'ask'.price meanwhile,customers entitled to open their accounts in commercial banks so that they can bold gold and make traading It is predicted that this market structure would a void operational risks If such a market is established,Including opening up to outside at certain degreee,commercial banks in China may directly enter the business area of gold trading bank via international banks,to develop new businesses and new profit making points for Chinese commercial banks,then improved their strength and being beneficial to the financialreform.
