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China links gold market with Dubai

Sunday, October 30, 2016 5:30
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(Before It's News)

gata.org / By Wu Yiyao / Saturday, October 29, 2016

SHANGHAI — Shanghai Gold Exchange and Dubai Gold and Commodities Exchange signed an agreement on Friday in Shanghai that makes the Dubai exchange the first foreign exchange to use the SGE’s renminbi-denominated gold benchmark.

The SGE is in talks with other exchanges about similar cooperation, according to an SGE circular.

SGE is the world’s largest physical bullion exchange. The renminbi-denominated gold benchmark, also known as Shanghai Gold, was launched in April this year. It is one of China’s efforts to earn more say over pricing of the precious metal and increase its influence in the global gold market. …

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