Search On This Site

Custom Search


It only takes a few moments to share an article, but the person on the other end who reads it might have his life changed forever
Subscribe via RSS



Contact Information: 
Submit: articles [ at ] investmentwatchblog [dot] com 
Advertising: ads [ at ] investmentwatchblog [dot] com 
General: admin [ at ] investmentwatchblog [dot] com

CHINA: ‘From a government perspective, gold is seen as currency.’


from WSJ:

 

China will allow over-the-counter gold trading between banks for the first time Monday, a significant financial reform for the world’s second-largest buyer of the precious metal.

The move reflects the Chinese government’s latest effort to develop Shanghai into a major gold trading center, and mirrors similar developments in the country’s currency and oil markets.

The introduction of interbank trading is intended to develop China into a liquid and market such as London, and demonstrates the government’s readiness to open the market to greater participation by international banks, said Jeremy East, global head of metals trading at Standard Chartered PLC STAN.LN +0.89%(STAN.LN).

“From a government perspective, gold is seen as currency, and the government is slowly releasing the controls on currency. We expect the [gold] market will be opened up to more foreign banks,” he said.

READ MORE

46 Total Views 1 Views Today


Did you already share this? No? Share it now: