International gold trading launched in Shanghai free-trade zone
City's free-trade zone toured by Premier Li Keqiang as Shanghai Gold Exchange unveils its trading platform for international investors
The Shanghai Gold Exchange officially launched its international trading platform in the city's free-trade zone (FTZ) last night, the first such board in the zone, with hopes of setting benchmark prices for the precious metal in Asia.
It could pave the way for the launch of crude oil futures and other key commodities including iron ore in the testing ground for mainland economic reform.
Premier Li Keqiang made an inspection tour of the 28 square kilometre zone yesterday following a no-show on September 29 last year, when it was inaugurated.
"The free-trade zone in Shanghai will have a brighter future and Shanghai will have a brighter future," the premier told officials and others during the tour, Xinhua reported. "I wish the FTZ to be prosperous and developed."
The premier required the exchange to do its utmost to increase its influence globally, central bank governor Zhou Xiaochuan said at the launch ceremony last night.
Li was a strong advocate for the Hong Kong-style free port and made the final decision on creating the zone in Shanghai last year despite facing obstruction from ministry-level authorities.
The Shanghai Futures Exchange planned to start trading oil futures in the first half of this year on a newly established trading platform in the zone, but it has yet to receive the green light.
