Promote the Cooperation of the Global Gold Market in the Post- Pandemic Era Gold Market Cloud Session of the 3rd Bund Summit Held in Shanghai

Date: 2021-10-25

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The 3rd Bund Summit was held in Shanghai from October 22 to October 24, 2021. On Oct 24, Shanghai Gold Exchange (hereinafter referred to as SGE) and the summit committee jointly hosted the ?Bund Summit Cloud Session (hereinafter referred to as the Cloud Session) with the theme of "Promote the Cooperation of the Global Gold Market in the Post-Pandemic Era", focusing on the prospects and thoughts on jointly build up a new development pattern of global gold market in the post-pandemic era.

Wang Zhenying, President of SGE, David Tait, CEO of World Gold Council (WGC), Ruth Crowell, Executive President of London Bullion Market Association (LBMA), Igor Marich, Managing Director of Sales and Business Development of Moscow Exchange (MOEX), Albert Cheng, CEO of Singapore Bullion Market Association(SBMA), Xu Xiaolan, General Manager of Precious Metals Department of ICBC, and CG Lai, CEO and President of BNP Paribas (China), joined the conference either onsite or virtually. Gu Wenshuo, Vice President of SGE, presided over the conference.

Wang Zhenying, President of SGE pointed out that gold, as an international liquid asset, plays an important role in the post pandemic era. At present, gold market urgently needs to establish unified standards and plans. In the future, global gold markets can strengthen cooperation in the areas of market access standards, trading rules and quality standards,strive to expand the convergence of interests in all aspects of gold market, form a new pattern of cooperation to promote and complement each other, providing new impetus for the development of the gold market.

David Tait,CEO of WGC, said that WGC is promoting the transformation of the gold market to semi clearing mode,improving market transparency and trust,actively introducing retail gold investment principles, guidelines and industry framework for responsible gold mining, and build a sustainable gold future based on digital technology.

Ruth Crowell, CEO of LBMA pointed out that LBMA is committed to promoting the establishment of unified global standards in the global gold market, including delivery standards, responsible gold standards. LBMA hopes to improve transparency, establish mutual trust in gold and provide support and guarantee to the development of global gold market by eliminating gold money laundering.?

Igor Marich, Managing Director of Sales and Business Development of MOEX, said that “China's gold market is a very important partner to the Exchanges in Russia. We hope that through the joint efforts on both sides, we will continue to launch new products and services to better meet the needs of investors in global gold market and strengthen the integration to international market”.

Albert Cheng,CEO of SBMA,pointed out that the gold market needs a global integrated development plan including standardized delivery method, regional reference pricing, clearing and settlement, so as to gradually establish a global digital gold standard and attract more new investors to participate in gold market.

Xu Xiaolan,General Manager of Precious Metals Business Department of ICBC said that “China, as an important engine of the global gold market, plays an important role in the post-pandemic era. ICBC is committed to creating an integrated, symbiotic, open and win-win market development environment. We will strive to provide professional and integrated precious metal services to global customers, and jointly open a new journey of high-quality development of the gold market with market participants.”

CG Lai, CEO and President of BNP Paribas (China), said that under the background of the new development pattern and RMB internationalization, BNP Paribas attaches importance to the coordinated development of the international gold market, actively helps international investors enter the rapidly developing China gold market and has made considerable progress.

Gu Wenshuo, Vice President of SGE, led the discussion with speakers on the topics of plans and measures made by SGE to promote the integration of international and domestic gold markets in the post epidemic era, the role of ESG concept in better integrate and support the development of gold market, the application and prospect of innovative technology in gold market, and the opportunities and challenges the gold market will face in the future. He said that China's gold market will gather development consensus, adhere to open up and cooperation, work together to face various challenges, actively provide more development opportunities for global participants, and jointly build a win-win "Gold Market Community".

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