Gold News

Shanghai Gold Exchange 'to relax membership rules'

The gold investment sector in China could be given a boost if reports of a relaxation in membership rules at the Shanghai Gold Exchange are anything to go by.

A source at the exchange told Reuters that the organisation is looking to change the rules for overseas banks wanting to become a member.

This will mean that foreign banks will not have gain approval from the Chinese central bank to join the exchange.

"The new plan has got support from the central bank, which is the exchange's regulator, and from the state administration of foreign exchange," the source commented.

Investors buying gold in Shanghai have already seen the introduction of futures trading in the city take place earlier this year.

The first day of gold trading on the Shanghai Futures Exchange proved to be a success, with Jeffrey Christian, president of CPM Group, telling the Shanghai Daily that volumes could rise further in the near future.

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