China's Shanghai Futures Exchange begins night trading in Gold, Silver futures
China is the world's largest producer of gold and second largest consumer of the yellow metal. Industry executives and professionals have been complaining that gold prices in China are just shadows of global prices and don't have any impact on other markets.
China's Shanghai Futures Exchange begins its night trading (9 pm to 2.30 am) in gold and silver futures from Friday, July 5. This move is expected to strengthen links between domestic and international markets allowing China a greater say in price setting.
China is the world's largest producer of gold and second largest consumer of the yellow metal. Industry executives and professionals have been complaining that gold prices in China are just shadows of global prices and don't have any impact on other markets.
"The U.S. and Europe still have the pricing power, although prices are usually being affected by a number of factors, such as liquidity and overall economic conditions," said Yang Maijun, chairman of the Board at the Shanghai Futures Exchange, which is going to start night trading hours for its gold and silver contracts on July 5.
China has futures contracts of gold and silver on the Shanghai Futures Exchange and spot contracts of the two metals on the Shanghai Gold Exchange. All the contracts are denominated in yuan. Global trading in spot and futures contracts are denominated in the U.S. dollar
Sumber : Google
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