Chinese Gold and Silver Exchange Society

Chinese Gold and Silver Exchange Society

Chinese Gold and Silver Exchange Society headquarters
Traditional Chinese 金銀業貿易場
Logo of CGSES member firm Lee Cheong Gold Dealers on their shop at Bonham Strand, Sheung Wan

The Chinese Gold and Silver Exchange Society is an organisation of gold trading firms in Hong Kong who are participants of the Chinese Gold and Silver Exchange, the first exchange in Hong Kong.[1]

History

The CGSES was formally established as an organisation in 1910.[2][3] Its founders were immigrants from mainland China.[4] It eventually stopped trading silver, but gold trading saw significant growth after 1974 when the government loosened legal restrictions, and by 1979 trading volume was roughly one million ounces per day, making it one of the world's four largest gold trading centres along with London, New York City, and Zurich.[5]

In politics

Members of the CGSES entitled to vote at its general meetings are one of two categories of persons eligible to register as Financial Services functional constituency electors, the other being exchange participants of Hong Kong Exchanges and Clearing. This gives them the right to elect a representative to the Legislative Council, as well seats in the Election Committee.[6]

See also

References

  1. ↑ "香港金銀業貿易場 奠定香港金融地位" [Hong Kong's Gold and Silver Exchange Society: establishing Hong Kong's financial position as an Asian trading center]. Capital Entrepreneur (107). 2009. Retrieved 2013-11-10.
  2. ↑ "走過百年 歲月流金" [Passing through 100 golden years]. Wen Wei Po. 2010-11-17. Retrieved 2011-12-14.
  3. ↑ Schenk, Catherine R. (1995). "The Hong Kong Gold Market and the Southeast Asian Gold Trade in the 1950s". Modern Asian Studies. 29 (2). pp. 387–402. doi:10.1017/S0026749X00012786.
  4. ↑ "Cheerful chaos is big business on Hong Kong gold market". Montreal Gazette. 1981-08-29. Retrieved 2013-11-10.
  5. ↑ "Gold trading in Hong Kong wild, wooly". Associated Press. 1979-08-17. Retrieved 2013-11-10.
  6. ↑ "Guidance Notes: Application for Registration as an Elector in a Functional Constituency and as a Voter in an Election Committee Subsector: Financial Services" (PDF). Hong Kong: Registration and Election Office. 2012. Retrieved 2013-11-10.
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