| The Shanghai Gold Exchange is in discussions with the CME Group Inc. about listing each other’s contracts on their respective exchanges, according to Shen Gang, vice president of the SGE. The Shanghai gold bourse will list its contracts and prices on the CME in the first phase of the cooperation, Shen said Thursday at a conference in Shanghai. The CME’s contract will then be available to members of the Chinese exchange during a second phase, she said.
An agreement will be signed in August and trading may begin in the first quarter of next year, according to Shen. Shen’s comments on the CME talks come as China is pushing to add liquidity to the country’s gold trade and broaden its influence on global commodity and currency markets. The SGE is preparing to start its own yuan-denominated gold fix while China’s largest banks are seeking to join the London price- setting process...............................................Full Article: Source
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