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Gold bourse to launch international board
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THE Shanghai Gold Exchange, the biggest physical bullion market in the world, will launch an international trading board in the city’s free trade zone on September 29.
The bourse will launch three yuan-denominated physical bullion spot contracts of 100 grams, 1 kilogram and 12.5 kilograms in the China (Shanghai) Pilot Free Trade Zone to attract overseas investors, Xu Luode, chairman of the exchange, said at the China Gold Congress & Expo in Beijing yesterday.
The so-called “Shanghai Gold” pricing mechanism is expected to be 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 900-1,000 tons this year, according to the World Gold Council.
Yesterday, the London-based council said in a statement that it signed a strategic agreement with the China Gold Association at the conference in Beijing.
The two bodies will exchange research, share data insights and develop innovations in gold for investment, technology and jewelry, the statement said.
The council said China is now the center of the global gold market and will play an increasingly important role in the future. It said the Chinese market has grown exponentially in the last 10 years.
Jewelry demand has risen 344 percent, and investment demand has surged above 5,000 percent in the past decade.
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