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China plans overseas warehouses for Shanghai Gold Exchange to build pricing power
By Amy Lv and Lewis Jackson
Reuters
Tuesday, April 22, 2025
BEIJING -- China is considering setting up overseas warehouses to aid international settlement of specific products on the Shanghai Gold Exchange, its central bank said Monday.
Shanghai Gold Exchange will be supported to conduct cooperation with overseas exchanges to expand use of the yuan benchmark in the international market, the statement said.
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The plan to further enhance cross-border financial services in Shanghai was jointly issued by four state agencies including the People's Bank of China.
Although it did not specify which products would be subject to the plan, the Shanghai Gold Exchange mainly deals with trading of precious metals gold, silver, and platinum.
Beijing has long wanted to step up globalisation of some commodities to enhance its pricing power and international influence. ...
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