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  • HAYWOOD CHEUNG, PRESIDENT OF CGSE MADE PROSPECT FORESEE TO CHINA’S GOLD MARKET AFTER CGSE LAUNCHED IN QIANHAI.

CGSE Qianhai development to strengthen SZ-HK tie

The Chinese Gold and Silver Exchange Society (CGSE) announced at the 3rd Annual International (Silver) Conference to establish a precious metal trading platform in Qianhai Shenzhen, which aims to meet the demand for industry in the southern China.  

By 20 November 2014, there are 17,353 companies registered in Qianhai, among including 1,000 Hong Kong companies. Sixty-eight CGSE member companies have set up offices there and are ready to explore the Mainland market. According to Haywood Cheung, president of CGSE, stated that the society has rented offices for their member companies. Meanwhile, an e-trading platform and a temporary precious metal vault have been activated for business operation.     

Bank of China (BOC) Shenzhen and Industrial and Commercial Bank of China (ICBC) Shenzhen will manage CGSE’s excessive gold in their vault. Member companies of CGSE will enjoy larger capacity for storage. “In the future two years, CGSE is planning to establish an exchange building and a vault with a capacity to store 1,500 tons of gold. Investors are allowed to store the physical gold in the vault and arbitrage rate differences between RMB on-shore and off-shore, aka CNY and CNH,” he added.

CGSE has made a strategic alliance with the Shanghai Gold Exchange (SGE) upon an agreement of direct gold trade between Hong Kong and Shanghai. Cheung said: “The ‘inside-the-territory-while-outside-the-customs’ vault in Qianhai is more convenient for direct gold bullion delivery to jewellery manufacturers in Shenzhen and the Shanghai Gold Exchange.”  

He also concluded: “In the future, CGSE will be the largest gold trading platform in Asia offering various gold products including Shanghai gold, Renminbi Kilobar Gold and Loco London gold.” 

Zhangbei, director of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Development Bureau noted: “The Qianhai market exploration has strengthened the bond between Shenzhen and Hong Kong. We hope this area will be developed to a pricing platform for precious metals in Asia Pacific.” 

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