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Win-Win cooperation:Promoting the Integrated Development of the Global Gold Market – Gold Market Session of the 4th Bund Summit Held in Shanghai

Date: 2022-12-12

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The 4th Bund Summit was held in Shanghai from December 9 to December 11 2022. On December 11, Shanghai Gold Exchange (hereinafter referred to as SGE) and the summit committee jointly hosted the  Gold Market Session with the theme of " Win-Win cooperation:Promoting the Integrated Development of the Global Gold Market", focusing on the theme of win-win cooperation among multiple parties and discussing the vision of the integrated development of the gold market.


WANG Zhenying, President of SGE, David Tait, CEO of World Gold Council(WGC), Paul Fisher, Chairman of London Bullion Market Association (LBMA), Russell Beattie, Managing Director and Head of Asia Pacific of Chicago Mercantile Exchange Group (CME Group), Ge Gen, Deputy General Manager of Precious Metals and Commodities Business Department of China Construction Bank(CCB), Peter Foo, President and CEO of United Overseas Bank China (UOB China), and Wang Chunli, General Manager of Beijing Caibai Company, attended the either onsite or virtually. GU Wenshuo, Vice President of SGE, presided over the conference.


WANG Zhenying, President of SGE, pointed out in his speech that the current global economic situation is still grim, and SGE continues to deepen the reform and opening up of China's gold market, building a "direct channel" for overseas market participation, expanding the "circle of friends" of international communication and cooperation, and create a "Belt and Road" gold influential circle. In the future, SGE will continue to be committed to establishing a world-class gold market infrastructure system, building a well-functioning international trading platform, strengthening multi-level and wide-ranging international cooperation, and improving and promoting the "Shanghai Gold" standard system. SGE will enhance mutually beneficial cooperation to achieve win-win outcome for all, and continue to expand cooperation, sharing and innovation.

David Tait, CEO of WGC, said in his speech that WGC has launched  Gold Bar Integrity Programme, an international system of gold bar integrity, built a full gold industry database, and expanded a reliable closed-loop gold ecosystem. Based on the digital modernization of the gold industry and market infrastructure, WGC is committed to building a unified and coordinated, transparent, honest and free gold market, and strive to create a sustainable gold future.

Paul Fisher, Chairman of LBMA, pointed out in his speech that LBMA is committed to improving the price discovery function of the gold market, promoting the establishment of a unified global standard for physical gold and responsible sourcing, reducing carbon emissions, and exploring the sustainability of gold as the foundation of the "circular economy". In the future, LBMA hope to cooperate with SGE to jointly improve the safety and risk resistance of gold, and work together to build a win-win situation that benefits market participants.

Russell Beattie, Managing Director and Head of Asia Pacific of CME Group, said in his speech that the current market environment shows the importance of cooperation, and CME Group focuses on serving the needs of market participants, exploring and developing business and products, hoping to deepen international partnerships and promote the integration of the global gold market.

Ge gen, Deputy General Manager of Precious Metals and Commodities Business Department of CCB, pointed out in her speech that opening up is the only way for the world to prosper and develop. CCB actively responds to the goal of "carbon peak and carbon neutrality", gives green connotation to new financial practices, empowers financial technology, enhances international participation capabilities, actively serves infrastructure construction, and cooperates to promote the high-quality development of the gold market.

Peter Foo, President and Chief Executive Officer of UOB China said in his speech that the ASEAN gold market remain rapid growth, and banks act as important financial intermediaries to connect with multiple markets. In the future, UOB China will work with SGE to expand the Gold Road project, share the market experience and development opportunities with ASEAN markets, and actively promote the mutual development of with China’s gold market.

Wang Chunli, General Manager of Beijing Caibai Company, pointed out in her speech that Caibai Company has a whole-process quality management system and launched a multi-brand strategy and customization and design center construction project. Innovative development will be the source and driving force for the sustainable development of China's gold market, and Caibai Company will uphold the idea of open and inclusive cooperation and work together to build a new global gold market system that meets the needs of the times.

Gu Wenshuo, Vice President of SGE, led the discussion with speakers on the topics of the SGE plans and measures to strengthen cooperation and win-win cooperation of domestic and international gold markets, opportunities and outlook of deepening global gold market cooperation, the experience of expanding international gold business and market cooperation, improving the cross-border service capabilities of gold business, promoting market integration and strengthening service cooperation. He said that China's gold market will strengthen opening up and cooperation, promote the consensus of integrated development, work with everyone to shape new advantages for high-quality development of the gold market, and jointly build a higher level and more dynamic open gold market.

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