Shanghai Gold Exchange eyes FTZ contract for September

Shanghai Gold Exchange eyes FTZ contract for September

Shanghai Gold Exchange eyes FTZ contract for September
 
The Shanghai Gold Exchange plans to start bullion trading in the city’s free-trade zone on September 26, Bloomberg News reported, citing people with knowledge of the matter.
 
Gu Wenshuo, a spokesman for the exchange, confirmed that the trading system is being tested, without giving further details, according to Bloomberg News.
 
Shanghai wants to become a regional bullion-trading hub, giving foreigners access to the world’s largest physical-gold market, Xu Luode, the exchange’s chairman, told a conference in Singapore in June.
 
The gold contract will be priced and settled in yuan and the infrastructure is in place for trading to start in the third quarter, Xu said in June. The zone will have a vault capable of holding 1,500 metric tons of gold, which can either be imported into China or be in transit to other markets, Xu said.

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