Shanghai Gold set for launch in FTZ
Print Edition
THE Shanghai Gold Exchange will launch Shanghai Gold this year and its international trading board in the city’s pilot free trade zone.
The People’s Bank of China has approved the international trading board for the Shanghai exchange in the FTZ, which will adopt Shanghai Gold — a spot gold trading mechanism similar to the Loco London Gold, Xu Luode, secretary-general of the bourse, told a forum in Shanghai yesterday.
London Gold refers to physical bullion held in London as well as the price quoted for spot delivery for bullion trading and settlement.
The Shanghai Gold is a new international pricing mechanism to boost the city’s position as an international financial center, Xu added.
“We are currently working on technical preparations for the international board to be launched within the year,” Xu said. “China’s gold market is a self-enclosed market for domestic traders. The FTZ is an opportunity to open up the market. The international board will attract overseas investors, offshore yuan funds as well as funds in other currencies to the market, which will provide bullion pricing that will have a global influence.”
Albert Cheng, managing director of the World Gold Council for the Far East, estimated Shanghai as one of the top-three markets globally.
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