Shanghai Gold Exchange International Board Launching of Re-export after Processing Business of Overseas Raw Gold

Date: 2021-04-30

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In April 2021, under Shanghai Gold Exchange (“SGE”) “Gold Road” project, Shanghai Gold Exchange International board (“SGEI”) launched re-export after processing business of overseas raw gold for the first time.

In this business, Gold Mountains (Hong Kong) International Mining Limited, the subsidiary wholly owned by Zijin Mining Group took full use of its edge on gold mines along the “Belt and Road” countries, processed raw material to standard kilobars by its qualified domestic refinery and then deposit in designated SGE international board vault; reached agreements with Bank of China Limited Shanghai Free Trade Zone Branch and United Overseas Bank (China) Limited Shanghai Free Trade Zone Branch, both are international members of SGE, and completed the re-export after processing business of overseas raw gold material for the first time via SGEI platform.

The successful launch of above business marks China’s gold-producing enterprise has the ability to re-export after processing raw gold material in domestic bonded area, and is able to trade directly via SGEI under the trading link of Overseas mines --> Refineries --> SGEI, effectively broaden distribution channels of overseas China-invested enterprises, and realized domestic refineries’ capacity output.At the same time, this business is also an innovation for domestic commercial banks to deeply serve gold industries in both domestic and “Belt and Road” regions, which is beneficial to further dig out SGEI’s function in bridging gold supply and demand together with up-and-down streams of gold industries along “Belt and Road” countries and regions.

In recent years, SGE has actively responded to “Belt and Road” Initiative and launched “Gold Road” project. Using SGEI platform, SGE has launched innovative businesses such as “Gold Leasing + Jewelry Processing”, “Re-export after Processing Business of Standard Gold Ingot”, “Shanghai-Macau Offshore Account Connect” and gold re-export trade under “Gold Road” project. In the future, SGEI will continue to accelerate innovation of “Gold Road” project, broaden business scenarios, better serve developments needs of gold industry, keep enhancing internationalization of SGE, promote a “dual circulation” of gold market and give full play of its function as financial market infrastructure.

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