VTB Bank has been granted member status of the Shanghai Gold Exchange (SGE) with the right to participate in trading on the Shanghai International Gold Exchange (SGEI) in the Shanghai Free-Trade Zone. VTB is the first Russian bank to gain access to the Chinese exchange.
VTB is now able to participate in gold trading in China’s domestic market, which is the world’s largest in gold production and use. SGEI, where international members can trade in offshore RMB, was launched September 2014 in the Shanghai Free-Trade Zone and currently has over 70 members. The most active market players are international financial groups, trading houses and companies that produce fine gold bullion bars.
“Access to trading on China’s domestic precious metals market will give VTB Bank, which also trades on Western exchanges, more opportunities to sign gold deals in Shanghai. As an important element of our Chinese strategy, we continue working to develop the bank’s business and that of our clients in the Shanghai Free-Trade Zone. We are watching for any changes made by the Chinese regulatory authorities in this sphere,” says Herbert Moos, Deputy President and Chairman of VTB Bank Management Board.