The Shanghai fix: Chinese gold dealers manipulated prices for years
Five Shanghai gold retailers and the Shanghai Gold & Jewelry Trade Association have been penalized for price manipulation of gold and platinum products, carried out over the past six years.
The National Development and Reform Commission fined the retailers $1.63 million, equivalent to 1% of 2012 sales.
The Shanghai Gold & Jewelry Trade Association, whose 226 members account for over 90% of Shanghai's gold market, set the daily price range adopted by the city's retailers.
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