Following the rise in silver prices in 1999, and the wishes that the Central Bank of China no longer wanted to maintain a national silver stockpile, China liberalised its silver market at the beginning of 2000. However, since the new market commenced trading silver prices have fallen with the easier availability of Chinese material adding downward pressure. China is also struggling to come to terms with infrastructure and value-added tax issues raised by the new trade. Official sales by the Chinese have been estimated at 60-62m oz by the Silver Institute as against MBR estimated production in 1999 of 48m oz, in-line with the government's perceived policy of reducing its stockpile.
展开▼
