World | US | China | Japan | Germany | France | UK | Brazil | Russia | Italy | India | Canada | Australia | Spain | Mexico | South Korea | Indonesia | Nigeria | Pakistan | Singapore | South Africa
Aerospace Industry | Agriculture | Automobile Industry | Biotechnology Industry | Chemical Industry | Construction Industry | FMCG Industry | Food Industry | Hospitality Industry | IT Industry | Nanotechnology Industry | Oil & Gas Industry | Pharmaceutical Industry | Renewable Energy Industry | Steel Industry | Tourism Industry
Credit Card Companies | Credit Card Application Guide | Credit Card Comparison | Credit Card Guide | Credit Card Payment Online | Amex Credit Cards | Mastercard Credit Cards | Visa Credit Cards
More Credit Card Tools & Resources
Accident Insurance | Automobile Insurance | Dental Insurance | Fire Insurance | General Insurance | Health Insurance | Home Insurance | Life Insurance | Sports Insurance | Structured Settlements | Travel Insurance | Insurance Companies | Insurance By Country
The machine is a joint collaboration between the Beijing Agricultural Commercial Bank and a gold trading company, and will allow customers to withdraw gold bars or coins of various weights based on the prevailing market prices.
Patrons of the machine must either insert or use a bankcard to withdraw the gold, with each withdrawal capped at 2.5 kilograms or one million yuan (US$160,000).
The Beijing Agricultural Commercial Bank hopes to expand the number of locations for the machine in China to other secure locations such as gold shops and upmarket private clubs.
The first vending machine on Wangfujing Street was made by German firm TG Gold Super Market, and will offer wealthy Chinese an attractive investment opportunity, especially after the Chinese government’s recent measures to discourage real estate investment and speculation to cool down property prices.
As the world’s second largest bullion consumer, the Chinese government is actively encouraging its citizens to purchase more gold in order to hedge against inflation.
On Independence Day 2014, India’s Prime Minister Narendra Modi launched his financial inclusion plan to provide a bank account to every Indian household. His ‘Jan-Dhan Yojana’ (Scheme for People’s Wealth) — which, in typical Modi vernacular, plays on rhyming words — seeks to provide financial independence to unbanked Indians through a two-phase plan. Read more
Joseph E. Stiglitz,
Stephen S. Roach,
Jeffrey D. Sachs,
Mario Blejer & Eduardo Levy Yeyati,
Got something to say about the economy? We want to hear from you. Submit your article contributions and participate in the world's largest independent online economics community today!