Two new gold futures contracts launched by CME Group and the Shanghai Gold Exchange (SGE) made their debut on Monday October 14.
The two new financially-settled contracts, denominated in US dollars and the offshore Chinese yuan, are based on the SGE Shanghai Gold Benchmark PM price. The move is to connect global market participants to the Chinese physical gold market. The SGE also launched a new T+N cash settled contract on the same day, linked to the COMEX Gold Futures Asia spot price denominated in the onshore Chinese yuan. "As the first People's Bank of China (PBoC) approved deal between the CME Group and a Chinese corporation, we're very excited at the opportunities to bridge these two markets together and we believe that as we connect these two markets together, it's creating a win-win situation for the market participants who can freely trade market opportunity in...