ANZ to Trade China Gold
2nd Foreign Bank Allowed to Trade Gold Futures
Australia and New Zealand Banking Group's China unit has received regulatory approval to trade gold futures on the Shanghai Futures Exchange, becoming the second foreign bank allowed access to the country's gold futures market, Reuters reported August 23.
ANZ's entry to China's gold futures market comes after regulators granted similar membership to HSBC Holdings earlier this month, a move seen as a prelude to further opening up of the gold sector to local and overseas financial institutions.
ANZ is one of the six foreign banks that already have a trading membership on the Shanghai Gold Exchange. Others include the Chinese units of HSBC, Standard Chartered Bank, Bank of Nova Scotia, Credit Suisse and United Overseas Bank.
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