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More Shanghai Gold Exchange – looks like some of the same rotten apples there

Posted by Buygold @ 12:19 on September 13, 2014  

BEIJING—The Shanghai Gold Exchange will launch its international board on Sep. 29 in the financial hub’s new free-trade zone, a widely anticipated move to open China’s tightly controlled gold market to foreign capital.

The board is China’s bid to deepen its influence over the global gold market, where China is the biggest producer and consumer but sees itself as lacking clout in pricing.

“This is our window to the world,” Shen Gang, the bourse’s deputy chief executive, said at an industry conference on Thursday.

The first batch of 40 members in the Shanghai bourse’s global pricing platform include Goldman Sachs GS +1.20%   HSBC to Pay $550 Million to Se…     Group, HSBC Bank PLC, Standard Chartered STAN.LN -0.08% Standard Chartered

The yuan-denominated board will initially offer 11 contracts including physical gold contracts of 100 grams and one kilogram. The Shanghai exchange also plans to diversify into contracts for other precious metals such as silver and palladium in the future, Ms. Shen said.

The move comes at a time when gold prices have been languishing amid relatively low inflationary pressures world-wide. Gold prices have fallen 10% from their peak this year in March, as a stream of positive U.S. economic data bolstered dollar strength


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Post by the Golden Rule. Oasis not responsible for content/accuracy of posts. DYODD.