[Ed. Note: We will see if the Shanghai FUTURES Exchange is a rigged market working in concert with the LBMA and the COMEX; or if there will finally be true price discovery based on demand and fundamentals. My guess – rigged! ~MRH]
by Fayen Wong, Reuters:
China, set to overtake India this year as the world’s top gold consumer, will start gold swaps trading on the interbank market next week, giving more hedging tools for banks dealing in bullion.
The Shanghai-based China Foreign Exchange Trade System will start gold swaps trading on November 25th, with the Shanghai Gold Exchange responsible for related settlement and delivery, the National Interbank Funding Center said in a statement on Friday.
The start of gold swaps trading comes as China is taking steps to open up its gold market and increase financial investments.
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