Shanghai, HK aim for gold link to glitter
Print Edition
CHINA yesterday opened a gold link for Hong Kong investors to bolster the country’s voice on global bullion price and promote the international use of the yuan.
The link between the Chinese Gold and Silver Exchange Society of Hong Kong and Shanghai Gold Exchange allows members of the CGSE to buy and sell the precious metal with offshore yuan on the SGE.
Chan Sheung Chi, the CGSE president, said at the Lujiazui Forum in Shanghai last month that the “Shanghai-Hong Kong gold connect will help China to enhance its competitiveness and significance on bullion price-making with its counterparts in London or New York” as well as boost the international use of the yuan.
Eric Chui, CEO of Rise Hill Holdings Limited, which is a member of the CGSE, told Xinhua news agency that this gold link can enhance service experience for investors from Hong Kong and Shanghai and reduce investment cost.
Chui said his company hoped to seize this opportunity to enter the Shanghai market and introduce its electronic trading platform and comprehensive services in the Chinese inland market to better help investors with their gold investments.
Since last year, China has stepped up efforts to attract more foreign investors to trade gold inside the country.
In 2014 China listed gold contracts in Shanghai’s free trade zone and allowed limited trading by foreign investors.
SGE is in discussions with the CME Group Inc about listing each other’s contracts. The Shanghai exchange is also talking with the Dubai Gold and Commodities Exchange about introducing yuan-denominated gold products in Dubai.
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