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Shanghai gold bourse, World Gold Council join hands to boost bullion trade in FTZ
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THE Shanghai Gold Exchange and the World Gold Council, a global gold industry association, signed an agreement today to boost gold trade through Shanghai’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.
Through an international board set up by the SGE in the Free Trade Zone last September, more international gold investors will be able to use the exchange’s physical gold services such as storage, trusteeship, delivery, leasing and transit.
The SGE has grown into the world’s largest exchange for physical gold and the partnership will help better integrating the China market to the world, said Aram Shishmanian, CEO of the World Gold Council.
“As the market shifts from West to East, the expansion of strong gold trading hubs in Asia will improve price discovery, liquidity, transparency and efficiency, all of which will transform the landscape of the global gold market,” 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.”
WGC considered China as a major driver of world gold consumption, making up about 30 percent of the total gold capacity.
China’s gold jewelry consumption dimmed 39 percent year on year to 147 tons in the third quarter last year, while investment in bullion and coins fell 29 percent to 37.1 tons, latest WGC data showed.
Meanwhile, the global demand shed 2.5 percent from a year earlier to 929.3 tons, the lowest since the last quarter of 2009.
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