Song Xin and Liu Bing Attend the World’s Top Mining Companies Summit and Deliver Speeches


September 18th, Shanghai Gold Exchange (hereinafter referred to as SHG) launches its international board, attracting massive public attention. It writes a new chapter in the history of China’s gold market opening to the world, which will enable Shanghai to become the center of international trade, physical transit and RMB pricing.

The ceremony is held in the bright Shanghai International Convention Hall at 8:00.

Vice chairman of the CPPCC national committee and governor of the People’s Bank of China, Zhou Xiaochuan, and vice secretary and governor of Shanghai city, Yang Xiong press the launch button together and deliver speeches respectively. The guests at the unveiling ceremony include member of party committee and vice governor of Shanghai City, Ai Baojun, vice governor of the People’s Bank of China, Liu Shiyu, general manager and chairman of China National Gold Group Corporation, Song Xin, CEO of World Gold Council, Aram Shishmanian and president of global market of Standard Chartered Bank, Jeremy East. The ceremony is hosted by director general of Shanghai Gold Exchange.?

In his speech, Mr. Song Xin, on behalf of China Gold Association and China National Gold Group Corporation, extends warm congratulations on the launch of international board, and his sincere gratitude to the People’s Bank of China, the Shanghai Municipal Party Committee and government and Shanghai Free Trade Zone Administrative Committee who have shown interest in and supported the launch of the international board, and SHG for its efforts in making it a success.

Mr. Song Xin highly appreciates the achievements China gold industry and SHG have made in the past 12 years. In 12 years, SHG has worked hard to create new trade forms, improve efficiency, bring down cost, promote innovations, launch new products and enhance steady and harmonious development of the industry, and satisfy demands of companies and investors. SHG is now the largest physical gold trade exchange in the world and a significant contributor to enhancing China’s financial market core competiveness.

Mr. Song Xin refers to the commodity and currency quality of gold, which plays an irreplaceably significant role in protecting national economic and financial security. In 12 years, China’s gold industry has also made noticeable achievements from a follower in the world’s gold industry to a leader. In 2013, China produces and consumes the world’s most gold in the world, and owns the world’s second largest proven gold reserve (8974.74 tons). Its gold mineral dressing and refinery techniques are now in the world’s leading position. However, China’s gold industry still needs to improve its status and let the world hear more of its voice.

Mr. Song emphasizes that the launch of international board is a landmark event in the process of China’s gold market opening to the world. It evidences that China’s gold market is in closer connection with the world gold market. It will rapidly improve RMB’s valuation and settlement status as the Shanghai Gold is denominated in yuan. It will promote gold content in RMB and its process of becoming an international currency. This will give China’s gold market more influences in the world’s market.

According to available information, the first group of international members is constituted of 40 banks and companies include HSBC, Standard Chartered Bank, Bank of Nova Scotia and Goldman Sachs. They can use FOB money to bid for matchmaking trading physical gold of iAu99.5, iAu99.99 and iAu100g denominated in yuan and listed in SHG international board and other gold products except Au50g in the main board.

Swiss MKS finance company, HSBC, Bank of China, Industrial and Commercial Bank and Bank of Communications are the first group of members finished their deals.

After the launch, Shanghai gold now goes globally. The international board hitherto has realized its internationalization of its members, trade, price, reserve and delivery.

SGEI begins to use its new SGE trademark and sets up an over 1000 tons of assigned warehouse for physical gold in the free trade zone.

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