HSBC’s China banking unit has become the first and only foreign bank to be granted access to the country’s gold futures market, Reuters reports. HSBC Bank (China) received regulatory approval to become a member of the Shanghai Futures Exchange.
The firm will initially focus on gold futures trading. HSBC will join four domestic commercial banks that were granted access to trade gold futures in Shanghai in April 2009.
Click here for the story from Reuters.
Click here for additional coverage from The Asset.