Five foreign banks to enter China's gold market
Sunday, 10 June 2007
BEIJING, June 9 (CEIS): Five foreign banks recently got approvals from China's central bank to become members of Shanghai Gold Exchange (SGE).
They are the first batch of foreign members of the exchange. The five banks are: HSBC, Standard Chartered, the Bank of Nova Scotia, UBS and Societe Generale of France. They are the biggest price bidders in London Bullion Market Association (LBMA).
However, China's gold market is unable to be fully opened to foreign investors, and the government may lay limits in terms of pattern and quotas, Shanghai Securities News quoted Shen Xiangrong, chairman of SEG, as saying.
The central bank is mulling over lifting the restrictions on the import and export of gold, said Wang Yu, an official of the central bank. The State Administration of Foreign Exchange (SAFE) will give support in foreign exchanges to the opening of the gold market, he said.
They are the first batch of foreign members of the exchange. The five banks are: HSBC, Standard Chartered, the Bank of Nova Scotia, UBS and Societe Generale of France. They are the biggest price bidders in London Bullion Market Association (LBMA).
However, China's gold market is unable to be fully opened to foreign investors, and the government may lay limits in terms of pattern and quotas, Shanghai Securities News quoted Shen Xiangrong, chairman of SEG, as saying.
The central bank is mulling over lifting the restrictions on the import and export of gold, said Wang Yu, an official of the central bank. The State Administration of Foreign Exchange (SAFE) will give support in foreign exchanges to the opening of the gold market, he said.