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Shanghai Futures Exchange's Gold Futures Trial Launched

The Shanghai Futures Exchange's trial of gold futures trading commenced Monday

Shanghai Futures Exchange's Gold Futures Trial Launched

The Shanghai Futures Exchange's trial of gold futures trading commenced Monday and will finish on Thursday, 26 December, ahead of the official launch, a SHFE official told Interfax.

"The trial, which started at 6 p.m. today, is for both floor traders and off-floor traders in order to test the trading platform. In addition, the SHFE has raised gold futures trading entry requirements by shifting the contract size from the previous 300 grams to 1,000 grams in order to curb speculation."

The official declined to state an official launch date for gold futures trading.

The SHFE predicts that Shanghai gold futures trading will improve the existing gold pricing system in China, and will also provide important channels for both gold producers and individual investors to hedge against gold price fluctuations. In addition, Shanghai gold futures should help restrain illegal gold trading in the domestic market.

The Shanghai Gold Exchange, China's sole precious metals spot trading platform, previously obtained approval from the People's Bank of China, which supervises the SGE, to commence gold futures trading. However, their subsequent application to the China Securities Regulatory Commission for a futures trading license in June was rejected.


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