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Foreign banks approved to enter into Chinese gold market

www.chinanews.cn 2007-06-07 16:34:41

Chinanews, Shanghai, June 7 �C China has moved one step forward in
transferring its gold market into a global market. The People's Bank of
China, China's central bank, has given its permission for the Shanghai
Gold Exchange (SGE) to introduce some foreign banks to become its
members. HSBC, Standard Chartered, Canadian-based Scotiabank, UBS, and
French bank Societe Generale SA have become the first five foreign banks
that have obtained licence to become a member of the Shanghai Gold
Exchange, the Shanghai Securities Journal reported.
However, foreign banks should not expect that Chinese gold market will
become fully open to them. They may still face some practical problems
with regard to their operational mode and the quotas they can have, said
Shen Xiangrong, chairman and general manager of the Exchange.
At the fourth Shanghai Gold Exchange Membership Forum held on Wednesday,
Wang Yu, head of the Foreign Currency and Gold Market Management
Department at central bank's Financial Market Section, said the central
bank had already approved SGE's request for absorbing some foreign banks
to become its members. This may open a new important page in China's gold
market history, said Wang.
��After the approval, the central bank is considering loosing the control
on gold import and export,�� Wang said.
He said that the State Administration of Foreign Exchange had already
signed related documents, promising to take measures to ease the way for
the opening of the gold market.
The five foreign banks are the five largest price offerers in London
Bullion Market Association.

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