Sources at the Shanghai Gold Exchange (SGE) say that platinum will be launched on the exchange as soon as the state gives the green light.

Whilst discussing the potential for new laws that will enable individual investors to participate in gold trading on the exchange, an official with the SGE told Interfax that platinum trading was next on the agenda.

Regarding the launch of platinum trade on the exchange, the official said SGE is still waiting for the go-ahead from the Ministry of Finance and the State Taxation Bureau, but sounded optimistic at the prospects for trading of the precious metal.

The state is now expected to agree to plans to adapt rules addressing the tax issues related to platinum trading.

'Once we gain approval, platinum trading can begin right away,' the official was quoted as saying.

Most of the country's platinum is imported and the MOFTEC, the country's top foreign trade authority, is still negotiating with relevant government bodies to decide whether or not to impose taxes on platinum imports via the exchange.

China has become a hugely significant market for platinum traders in recent years, with the consumption of platinum, involving jewellery, decorations and industrial usage, reaching US$2 billion.