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City launch for international gold trading board
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THE Shanghai Gold Exchange launched its international trading board in the city’s pilot free trade zone yesterday, with China, the world’s biggest gold market, aiming to raise its pricing power worldwide over the bullion.
It’s the first time foreigners have been allowed to participate directly in China’s physical gold market. More than 40 global banks, including HSBC, Standard Chartered Bank, Goldman Sachs, Deutsche Bank and ANZ, have signed up as the first batch of international members of the exchange.
Eight Chinese banks — the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Bank of Communications, Shanghai Pudong Development Bank, China Industrial Bank and China Minsheng Bank — will provide clearing services for gold trading on the international board.
The gold exchange launched three yuan-denominated physical bullion spot contracts of 100 grams, 1 kilogram and 12.5 kilograms on the board to attract overseas investors.
A “Shanghai Gold” pricing mechanism was also launched to boost China’s sway in global gold prices. The mechanism is similar to the Loco London Gold except that the price quoted for spot delivery is in the yuan.
Gold imports arriving at Shanghai’s Pudong International Airport have surged 200 percent every month since June as China prepared for the launch of international trading. One importer bought more than 4 tons of gold every month, Shanghai Customs said.
From January to the end of August, Shanghai Customs assisted in the clearance of 48 batches of gold imports at the airport, a total value of US$16 billion.
Shanghai also plans to build more international trading platforms for natural gas, iron ore, cotton, silver, nonferrous metals and other commodities, city officials said last month.
China overtook India to become the world’s biggest gold market last year and total gold consumption in China may hit 900-1,000 tons this year, according to the World Gold Council.
The Chinese gold market has grown exponentially over the past 10 years. Jewelry demand is up 344 percent and investment demand up by 5,000 percent.
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