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China Financial Futures Exchange wins city’s grand prize for innovation
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SHANGHAI’S government awarded China Financial Futures Exchange the grand prize for financial innovation for the five-year government bond futures re-launched this year.
Government bond futures resumed trading at the Shanghai bourse in September after an 18-year ban on such trading. The government wants to promote market-oriented reforms of interest rates as well as to build a multi-tier capital market in China’s mainland.
The Shanghai Stock Exchange and Shanghai Gold Exchange have won the top prize of the city’s annual financial innovation awards for launching the first gold exchange traded funds in the mainland in July.
The gold ETFs provide exposure to domestic gold prices, as fund managers buy gold contracts on the gold exchange on behalf of investors.
The government said 42 prizes were given to financial institutions that have made contributions to innovation in the city’s financial sector this year.
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