HSBC’s China banking unit has become the first foreign bank to access the Chinese gold futures market, Reuters reports. HSBC Bank (China) has become a member of the Shanghai Futures Exchange and will initially focus on gold futures trading.
Until now, only four domestic commercial banks and certain local futures brokerages have been allowed to trade the contract, launched by the exchange in 2008. On average, monthly trading volume of the exchange’s gold futures ranges from 50% to 60% on the main gold exchange.
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