YAKUTSK, November 2. /Corr. Susanna Rozhina/. VTB became the first Russian Bank, which received the status of a member of the Shanghai Gold Exchange (SGE) with the right to participate in the auction at the international office of exchange in the free trade zone of Shanghai. About it reported in a press-service of the Bank.
“Access to trading in the domestic Chinese precious metals market allows the VTB to expand the scope of the conclusion of gold trades at a new site in Shanghai, in addition to Western stock exchanges. We continue to work on the business development of the Bank and our clients in the free trade zone in Shanghai, which is an important element of the Chinese strategy of VTB, and actively follow the innovations of the Chinese regulatory authorities in this regard”, – said the Deputy President-Chairman of VTB Bank Herbert Moos.
This permit allows VTB Bank to participate in gold trading on the domestic market of China, which is the first in the world in terms of production and use of precious metal. SGE international segment, where there is trading for foreign exchange members in offshore yuan, was launched in September 2014 in the free trade zone of Shanghai and currently has over 70 members. The main bidders are the largest international financial groups, trading houses and companies that are producers of refined gold bullion.