China opens gold market to foreigners amid price ambition


From Bloomberg News
Thursday, September 18, 2014

China will give foreign investors direct access to its gold market for the first time today as the biggest-consuming nation seeks to exert more influence over prices while boosting the yuan's global use.

The Shanghai Gold Exchange will start trading contracts in the city's free-trade zone that will be linked to its domestic spot market and available to about 40 international members including Goldman Sachs Group and UBS. Access was previously limited to some Chinese subsidiaries. Gold in China this year cost as much as $31 an ounce more and $42 less than the London spot price, according to data compiled by Bloomberg. ...

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