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Shanghai gears up for the big league

By Wang Ying (China Daily)
Updated: 2009-05-29 10:46

With gold gaining a greater role in China's foreign exchange portfolio, experts feel that it is only a matter of time before Shanghai becomes a major gold trading market.

Related readings:  NYSE looks at Shanghai float  Shanghai needs rule change to be financial hub  China now 5th largest gold holder  China's gold reserves reach 1,054 tonnes

It has already got off to a sound beginning by opening the Shanghai Gold Exchange in October 2002. Around 4,220.7 tons of gold was traded at the bourse in 2008, worth 822.9 billion yuan ($120.52), up 134.19 percent and 164.15 percent year-on-year, respectively, making it the world's top exchange for spot gold trading.

"Although Shanghai still lags behind other gold trade centers like Hong Kong, New York and London in terms of global influence, China's robust economic growth and the city's plans to turn itself into a global financial center will give it an added advantage," said Albert Cheng, director of the World Gold Council's Far East Division.

Cheng added that the bourse should now attach more importance to product innovation and start gold mine financing and gold exchange-traded funds (ETFs).

Sources said China is planning to launch gold ETFs in Shanghai to diversify the current range of derivatives on offer. "ETFs are known for their low trading costs, safe storage and high liquidity. However, because the spot market for gold ETF trading is in London, the central government needs to increase its legislative support and remove the procedural hurdles," Cheng said.