Why global investors want access to China's gold market CMEGroup ad
Much of the rise of China's gold market comes from the development and growth of the Shanghai Gold Exchange , founded in 2002 by the People's Bank of China, the nation's central bank. In its almost 20 years of existence, the SGE has becomeChina's government and policymakers created the SGE to be the only official platform for gold in the country, says Samson Li, senior metals analyst, GFMS Refinitiv.
Since it consumes significantly more gold than it produces, China is a net-gold importer, and it imports the metal both through the mainland and through Hong Kong.and the London bullion market, although local supply and demand factors also influence prices. Chinese gold prices often have a premium to attract gold to the country.In 2016, the SGE created its own benchmark price to better reflect local supply and demand factors. Theis based on one kilogram of gold, with a fineness of 999.
Trading interest in metals in general is rising, as the CME Group's COMEX metals contracts saw record volume in August, with the average volume at 885,000 for precious and base metals, up 41% from August 2018. Li says while International Board trading volume is limited compared to local contracts, it offers hedging tools and investment option for international speculators. Traders can go short or long the Chinese gold contracts to express a view not just on the gold price direction, but also if they see the yuan rising or falling against the US dollar.This currency aspect of gold trading attracts investors, Li says, adding that gold's price in non-US dollar terms are already at historical highs.
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