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Shanghai launches gold trading board for global investors
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THE Shanghai Gold Exchange will launch its international trading board in the China (Shanghai) Pilot Free Trade Zone tonight, as China, the world’s biggest gold market, aims to raise its pricing power worldwide over the bullion.
It’s the first time that foreign players are allowed to participate directly in China’s physical gold market.
The gold exchange will launch three yuan-denominated physical bullion spot contracts of 100 grams, 1 kilogram and 12.5 kilograms on the FTZ international board to attract overseas investors, according to Xu Luode, chairman of the exchange.
The so-called “Shanghai Gold” pricing mechanism is also launched with the international board to boost China’s sway on global gold prices. The mechanism is similar to the Loco London Gold except that the price quoted for spot delivery is in yuan.
China overtook India to become the world’s biggest gold market last year. Total gold consumption in China may hit 900 to 1,000 tons this year, according to the World Gold Council.
The London-based council said in an earlier report that China is now at the center of the global gold market, the engine that is driving the shift from West-to-East in terms of wealth creation, economic growth and gold production and consumption.
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