On January 20th, 2020, the launching ceremony of the "Shanghai-Macao Gold Road Project" jointly organized by Shanghai Gold Exchange (SGE) and Bank of China (BOC) was held successfully in Shanghai. Zheng Wufu, Deputy Director of the People's Bank of China’s (PBC) Shanghai Head Office, Li Jun, Deputy Director of Shanghai Municipal Financial Regulatory Bureau, Huang Shanwen, Member of the Administrative Committee of Monetary Authority of Macao, Liu Liange, Chairman of BOC, Sun Yu, Vice President of BOC, Jiao Jinpu, Chairman of SGE, and Wang Zhenying, President of SGE attended the event.

To better play the role of gold market in serving the national strategy, implement the CPC Central Committee’s general plan on establishing China-Portuguese Speaking Countries Financial Service platform and Portuguese Speaking Countries (PSCs) Renminbi Clearing Center in Macao, and promote CPC Central Committee's development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, SGE and BOC jointly launched the “Shanghai-Macao Gold Road Project”. In this project, BOC serves as the first offshore accounts related custodian bank to provide relevant account services for foreign investors. This will further reduce the costs of foreign investors participating in the domestic gold market, strengthen financial market infrastructure, and promote the cooperation with Macao gold market.

The successful launch of the " Shanghai-Macao Gold Road Project " is a new breakthrough for SGE to promote the opening up of the financial sector through facilitating international board account opening and fund transfer under the risk-focused supervisory regime. It is a new starting point for SGE to promote Chinese gold pricing system and Chinese gold production capacity output in PSCs through Macao, and an entry point for the PSCs into the mainland market. It is also a new path for SGE to promote the coordinated development of Macao and mainland markets through gold market internationalization.

Based on the successful launching of the “Shanghai-Macao Gold Road Project”, SGE will gradually increase the number of participating banks and expand the pilot area to further enhance service capabilities and provide an open and inclusive gold market trading platform for market participants. Under the high-level opening up of market infrastructure, SGE will further explore cooperative opportunities among gold markets of the “Belt and Road” countries, and comprehensively assist the development of the real economy, the internationalization of the Renminbi and the construction of the Shanghai International Financial Center.