ICBC joins LBMA as a full member
Source: Bloomberg News |
December 17, 2011, Saturday
|
Print Edition
Print Edition
The Industrial and Commercial Bank of China, the world's largest bank by market value, has joined the London Bullion Market Association as a full member, as the country's imports of the precious metal gained to a record.
The Beijing-based bank will use the opportunity to forge itself into a global precious metal investment and management bank, the lender said in a statement yesterday. The LBMA is the trade association that represents the wholesale over-the-counter market for gold and silver in London. China is the world's largest gold producer.
China's bullion demand may be more than 750 tons this year, as the country overtook India in the third quarter as the world's largest gold jewelry market, said Albert Cheng, managing director for the World Gold Council's Far East region.
By selling more than 40 tons of gold in the first 10 months, ICBC became the largest retailer in China by volume.
The Beijing-based bank will use the opportunity to forge itself into a global precious metal investment and management bank, the lender said in a statement yesterday. The LBMA is the trade association that represents the wholesale over-the-counter market for gold and silver in London. China is the world's largest gold producer.
China's bullion demand may be more than 750 tons this year, as the country overtook India in the third quarter as the world's largest gold jewelry market, said Albert Cheng, managing director for the World Gold Council's Far East region.
By selling more than 40 tons of gold in the first 10 months, ICBC became the largest retailer in China by volume.
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