Deal for investors to trade gold via FTZ
Print Edition
THE Shanghai Gold Exchange and the World Gold Council signed a deal yesterday to boost the trading of gold through the city’s pilot free trade zone.
Under the memorandum of understanding, the two parties will support the development of gold investment products and solutions for the industry and investors both regionally and globally, the WGC, a global gold industry association, said in a statement.
Global investors will be able to trade the bullion on an international board the Shanghai exchange set up in the FTZ last September and use its services such as storage, trusteeship, delivery, leasing and transit, the statement said.
“As the market shifts from West to East, the expansion of strong gold trading hubs in Asia will improve pricing, liquidity, transparency and efficiency, all of which will transform the landscape of the global gold market,” said Aram Shishmanian, CEO of the WGC.
The Shanghai exchange has grown into the world’s largest market for physical gold and the partnership will help better integrate the China market with the world, said Shishmanian.
“It is exciting to partner with the world’s leading gold exchange as it allows us to bring our global expertise and insights to this enormous gold market full of potential,” he said.
Xu Luode, chairman of the exchange, said he expects the alliance with the WGC to improve the link between China and the global gold industry.
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