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Top bullion consumer China works on first gold forwards, options
By A. Ananthalakshmi and Fayen Wong
Tuesday, October 21, 2014
The Shanghai Gold Exchange is working on plans for China's first forwards and options in gold, sources say, potentially putting China ahead in the race to set an Asian pricing benchmark that might eventually rival the London gold fix.
China, which overtook India last year to become the world's biggest consumer of gold, bans trading in commodity options and forwards at present to limit speculation.
But Beijing is setting the stage for the launch of such derivatives as it opens up its markets, and gold could be among the first commodities on the list, although it remains unclear when trading might start. ...
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