HSBC has been approved by the Shanghai Gold Exchange to be a member of its newly-established international board in the China (Shanghai) Pilot Free Trade Zone (Shanghai FTZ) and has begun trading Friday. HSBC is one of the first banks to join this new trading platform.

 

Helen Wong, deputy chairman, president and chief executive officer of HSBC Bank (China) Company, said: “The launch of the Shanghai Gold Exchange’s international board is very significant, enabling China, the world’s largest gold producer and consumer, to establish its own pricing benchmark and to increase its pricing influence globally. It opens up China’s gold market to global investors, underscoring the Shanghai FTZ’s role in bridging onshore and offshore markets, while pricing in renminbi will further enhance the currency’s use in cross-border investment. HSBC is a leading player in the global precious metals market, and we will fully leverage our onshore and offshore resources to contribute to the development of this new board.”

 

HSBC was one of the first foreign banks to join the Shanghai Gold Exchange in February 2008, and became the first foreign bank to join the Shanghai Futures Exchange and start gold futures trading in July 2011. The bank was recently approved to be one of the first trial market makers for inter-bank gold bilateral trading.