Latest news with #ShanghaiGoldExchange
Reuters
3 days ago
- Business
- Reuters
China's total gold imports via Hong Kong fall 1.5% m/m in May
June 27 (Reuters) - China's total gold imports via Hong Kong fell 1.5% in May from April, Hong Kong Census and Statistics Department data showed on Friday. As the world's leading gold consumer, China's purchasing activities can significantly influence global gold markets. The Hong Kong data may not provide a complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. Net imports via Hong Kong to China for May stood at 48.127 metric tons, compared to 43.462 tons net imports in April. China's total gold imports via Hong Kong reached 57.76 tons in May, down 1.5% from 58.61 tons in April. China aims to increase its gold resources by 5% to 10%, and its gold and silver output by more than 5% by 2027, the industry ministry said on Monday in an implementation plan for 2025 to 2027. Shanghai Gold Exchange said on Wednesday it would list ipau99.99hk and ipau99.5hk contracts on Thursday to expand the opening-up of the gold market to the outside world.
South China Morning Post
3 days ago
- Business
- South China Morning Post
Shanghai Gold Exchange launches first offshore vault in Hong Kong
The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong on Thursday, a move that is likely to bolster the international trading of its contracts. The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse. Analysts said the launch of the vault and two yuan-denominated gold products represented a step forward for Beijing and Hong Kong in their effort to promote commodities and futures contracts around the world. 'Gold, as a basic precious metal, is, in essence, a commodity, a reserve asset and an investment product,' Christopher Hui Ching-yu, Hong Kong's secretary for financial services and the treasury , said at the opening ceremony for the vault. 'It is also a hedging tool amid uncertain geopolitical and economic outlooks.' He added that the vault and gold contracts would help Hong Kong solidify itself as an international financial centre. The vault was designed to serve international clients as they conducted trading of yuan-denominated bullion and managed their storage. The Shanghai exchange was established by the People's Bank of China in 2002; it has two warehouses in Shanghai and another in Shenzhen.
Yahoo
4 days ago
- Business
- Yahoo
China Opens First Offshore Gold Vault in Hong Kong
(Bloomberg) — The Shanghai Gold Exchange has expanded outside mainland China for the first time, with the rollout of two new contracts and a bullion vault in Hong Kong. US Renters Face Storm of Rising Costs US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags Mapping the Architectural History of New York's Chinatown The launch serves a number of purposes, from broadening the Shanghai bourse's international reach, to strengthening China's clout in commodity and currency markets and Hong Kong's status as a financial center. Trading will be conducted in yuan and settled by cash or physical delivery, including to the new vault operated by Bank of China Ltd.'s Hong Kong unit, the SGE said in a statement. The two contracts covering different purity levels will debut on Thursday. To attract traders, the exchange said it'll waive fees at the vault through the end of the year. As the world's top producer and consumer of gold (GC=F), China wants to wield greater influence in pricing the commodity. The denomination of the SGE's new contracts is particularly important given Beijing's ambition to reduce reliance on the US dollar and promote wider use of the yuan in international trade. 'The buying and selling of gold at the new vault will also significantly improve the transaction volume of offshore yuan,' said Doris Bao, the founder of Gold Harvest Consulting. 'The vault also means that China can now import gold in yuan rather than dollars,' further supporting de-dollarization, said Bao, who is also a consultant for London Bullion Market Association. The SGE was established in 2002 by the People's Bank of China as the country's primary platform for trading bullion. In 2014, it set up the International Board to allow foreigners to participate directly in China's market. That effort is now accelerating for other commodities. The Shanghai Futures Exchange, the country's top venue for trading raw materials, recently unveiled a proposal to enhance access to overseas investors. Although the SGE is the single largest exchange for physical gold, London remains the market's undisputed center. Other hubs including Singapore are also trying to wrest some of the action away from the centuries-old UK market. Interest has only grown after the precious metal staged a massive rally to record levels, with prices more than doubling since the turn of the decade. Much of gold's appeal is its reputation as a reliable store of value, and China's central bank has been a major buyer over the past three years, in part to diversify reserves away from the dollar (DX=F). Hong Kong, meanwhile, is a well-established banking center that's seeking to keep pace with the expansion of other financial hubs in the region. The former British colony has a plan to bolster its presence in commodities, from warehousing to trading and logistical services across markets, including bullion. 'It'll bring, if anything, more comfort for new players to enter the game,' said Joshua Rotbart the founder and managing partner at gold dealer J. Rotbart & Co. However, there are still some questions that could pose potential hurdles for the exchange to become truly global, he said. 'Limiting the access to the Hong Kong facility, in the same manner international players are limited in terms of being able to operate in the mainland, will definitely undermine the project,' Rotbart said. —With assistance from Alfred Cang. Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push How to Steal a House Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
China Opens First Offshore Gold Vault in Hong Kong
(Bloomberg) -- The Shanghai Gold Exchange has expanded outside mainland China for the first time, with the rollout of two new contracts and a bullion vault in Hong Kong. US Renters Face Storm of Rising Costs US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Are Caught in Johannesburg's Taxi Feuds as Transit Lags Mapping the Architectural History of New York's Chinatown The launch serves a number of purposes, from broadening the Shanghai bourse's international reach, to strengthening China's clout in commodity and currency markets and Hong Kong's status as a financial center. Trading will be conducted in yuan and settled by cash or physical delivery, including to the new vault operated by Bank of China Ltd.'s Hong Kong unit, the SGE said in a statement. The two contracts covering different purity levels will debut on Thursday. To attract traders, the exchange said it'll waive fees at the vault through the end of the year. As the world's top producer and consumer of gold, China wants to wield greater influence in pricing the commodity. The denomination of the SGE's new contracts is particularly important given Beijing's ambition to reduce reliance on the US dollar and promote wider use of the yuan in international trade. 'The buying and selling of gold at the new vault will also significantly improve the transaction volume of offshore yuan,' said Doris Bao, the founder of Gold Harvest Consulting. 'The vault also means that China can now import gold in yuan rather than dollars,' further supporting de-dollarization, said Bao, who is also a consultant for London Bullion Market Association. The SGE was established in 2002 by the People's Bank of China as the country's primary platform for trading bullion. In 2014, it set up the International Board to allow foreigners to participate directly in China's market. That effort is now accelerating for other commodities. The Shanghai Futures Exchange, the country's top venue for trading raw materials, recently unveiled a proposal to enhance access to overseas investors. Although the SGE is the single largest exchange for physical gold, London remains the market's undisputed center. Other hubs including Singapore are also trying to wrest some of the action away from the centuries-old UK market. Interest has only grown after the precious metal staged a massive rally to record levels, with prices more than doubling since the turn of the decade. Much of gold's appeal is its reputation as a reliable store of value, and China's central bank has been a major buyer over the past three years, in part to diversify reserves away from the dollar. Hong Kong, meanwhile, is a well-established banking center that's seeking to keep pace with the expansion of other financial hubs in the region. The former British colony has a plan to bolster its presence in commodities, from warehousing to trading and logistical services across markets, including bullion. 'It'll bring, if anything, more comfort for new players to enter the game,' said Joshua Rotbart the founder and managing partner at gold dealer J. Rotbart & Co. However, there are still some questions that could pose potential hurdles for the exchange to become truly global, he said. 'Limiting the access to the Hong Kong facility, in the same manner international players are limited in terms of being able to operate in the mainland, will definitely undermine the project,' Rotbart said. --With assistance from Alfred Cang. (Updates with quotes from the fifth paragraph) Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push How to Steal a House Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros ©2025 Bloomberg L.P. Sign in to access your portfolio
Business Times
4 days ago
- Business
- Business Times
China opens first offshore gold vault and contracts in Hong Kong
[SINGAPORE] The Shanghai Gold Exchange (SGE) has expanded outside mainland China for the first time, with the rollout of two new contracts and a bullion vault in Hong Kong. The launch serves a number of purposes, from broadening the Shanghai exchange's international reach to strengthening China's clout in commodity and currency markets and Hong Kong's status as a financial centre. Trading will be conducted in yuan and settled by cash or physical delivery, including to the new vault operated by Bank of China's Hong Kong unit, the SGE said on Wednesday (Jun 25). The two contracts covering different purity levels will debut on Thursday. To attract traders, the exchange said it will waive fees at the vault till the end of the year. As the world's top producer and consumer of gold, China wants to wield greater influence in pricing the commodity. The denomination of the SGE's new contracts is particularly important given Beijing's ambition to reduce reliance on the US dollar and promote wider use of the yuan in international trade. The SGE was established in 2002 by the People's Bank of China as the country's primary platform for trading bullion. In 2014, it set up the International Board to allow foreigners to participate directly in China's market. That effort is now accelerating for other commodities. The Shanghai Futures Exchange, the country's top venue for trading raw materials, recently unveiled a proposal to enhance access to overseas investors. Although the SGE is the single largest exchange for physical gold, London remains the market's undisputed centre. Other hubs, including Singapore, are also trying to wrest some of the action away from the centuries-old UK market. Interest has only grown after the precious metal staged a massive rally to record levels, with prices more than doubling since the turn of the decade. Much of gold's appeal is its reputation as a reliable store of value, and China's central bank has been a major buyer over the past three years, in part to diversify reserves away from the US dollar. Hong Kong, meanwhile, is a well-established banking centre that's seeking to keep pace with the expansion of other financial hubs in the region. The former British colony has a plan to bolster its presence in commodities, from warehousing to trading and logistical services across markets, including bullion. BLOOMBERG
