By Chuin-Wei Yap
BEIJING--The Shanghai Gold Exchange will launch its
international board on Sept. 29 in the financial hub's new
free-trade zone, a widely anticipated move to open China's tightly
controlled gold market to foreign capital.
"This is our window to the world," Shen Gang, the bourse's
deputy chief executive, said at an industry conference on
Thursday.
The yuan-denominated board will initially offer 11 contracts
including physical gold contracts of 100 grams and one
kilogram.
It also plans to diversify into contracts for other precious
metals such as silver and palladium in the future, Ms. Shen
said.
The board's first batch of 40 members include Goldman Sachs,
HSBC, Standard Chartered PLC and UBS AG, she said.
The free-trade zone is an 11-square-mile area touted as a test
bed for the remaking of the country's financial sector.
Traders expect the board will broaden the global use of the yuan
and help to simplify how gold is brought into the country.
Write to Chuin-Wei Yap at chuin-wei.yap@wsj.com
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