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China to allow four commercial banks to trade gold futures.

Global Banking News-3 April 2009-China to allow four commercial banks to trade gold futures(C)2009 ENPublishing -

Global Banking News - 03 April 2009(c)2005 - Electronic News Publishing -

Four Chinese commercial banks will participate in gold futures trading on the Shanghai Futures Exchange, Shanghai Securities Journal has reported.

Industrial and Commercial Bank of China Limited (ICBC) (HKG: 1398) (601398.SS), Bank of Communications Company (BoCom) (HKG: 3328) (601328.SS) (OTC: BKFF.PK), China Minsheng Banking Corporation (600016.SS) (OTH: 600016), and Industrial Bank Company (601166.SS) have received approvals from related regulators to become members of the futures bourse, the report said, citing unnamed sources.

It is the first time that commercial banks have been allowed to become non-brokerage members of the exchange, and so far the SHFE, Dalian Commodity Exchange, and Zhengzhou Commodity Exchange have only been open to large trading houses, the report said.

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Publication:Global Banking News (GBN)
Date:Apr 3, 2009
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