Shanghai Gold Exchange expands reach over gold markets with new partnership with Moscow Exchange
Shanghai Gold Exchange expands reach over gold markets with new partnership with Moscow Exchange by Ken Schortgen, Jr – The Daily Economist
In just a few short years the Shanghai Gold Exchange has become the world’s largest physical gold market, with connections to Hong Kong, Dubai, and perhaps even soon with Malaysia.
But before the latter one happens, possibly as soon as later this year, China just announced a new and even bigger partnership on April 19 when the SGE signed an MOU agreement with the Moscow Exchange to facilitate direct trading in their respective gold markets.
On 19 April 2018, Moscow Exchange signed a Memorandum of Understanding (MOU) with Shanghai Gold Exchange (SGE). The agreement aims to promote cooperation between China and Russia in the sphere of gold exchange trading.
The signing ceremony with Igor Marich, Managing Director of Money and Derivatives Markets, member of MOEX Executive Board, and Song Yuqin, Vice President of Shanghai Gold Exchange, took place as part of the third annual “Global Gold Market Summit 2018” in Xiamen (China) organized by SGE.
MOU provides for Russian and Chinese precious metals markets and exchange products information sharing, organization of joint conferences concerning topics of gold market, training and staff exchange as well as seeking opportunities for business cooperation.
Pursuing the provisions of the agreement on Cooperation in the sphere of gold exchange trading between the Central Bank of the Russian and the People’s Bank of China signed in September 2017 this MOU sets forth the next chapter in enhancing of cross-border gold exchange trading on Chinese and Russian financial markets and development of organized precious metals market. – Mondo Visione