“Shanghai-Hong Kong Gold Connect”, jointly launched by the Shanghai Gold Exchange and the Chinese Gold and Silver Exchange Society (“CGSE”), has recently started operation. ICBC participated and concluded the first price inquiry transaction on the international board with a member of the CGSE regarding a ton of gold. Meanwhile, as the account opening bank for the main board members of Shanghai Gold Exchange and the domestic agent accounts of CGSE, ICBC will provide quality and efficient financial services for “Shanghai-Hong Kong Gold Connect” investors in fund transfer, account opening, settlement and clearing.

Established in 1910, CGSE is the oldest and largest gold and silver exchange in Hong Kong. “Shanghai-Hong Kong Gold Connect” is a program where Shanghai Gold Exchange opens up cooperation and brings in CGSE as the first special member among trading institutions. All the 171 members of CGSE can use offshore RMB funds to directly trade on the international board and main board of Shanghai Gold Exchange to realize interconnection between the gold markets of Shanghai and Hong Kong. The launch of “Shanghai-Hong Kong Gold Connect” will drive the prosperity of the financial markets in Shanghai and Hong Kong and play a constructive role for the opening up of China’s gold market and RMB internationalization.

According to an ICBC official, as the major participating bank of “Shanghai-Hong Kong Gold Connect” in China, ICBC has actively assisted the two exchanges in preparations of CGSE to enter the international board of Shanghai Gold Exchange. Meanwhile, ICBC’s Shanghai FTZ Branch opened an agent account for CGSE for the day-to-day fund transfer, clearing and settlement of its members. In recent years, ICBC has built up extensive experience in management and trading of physical precious metals and industry chain finance through specialized operation of precious metals, set up the most complete business system among domestic commercial banks, and maintained the position as the largest clearing bank at Shanghai Gold Exchange by keeping the proportion of its trading volume at over 20% for many years. As one of the first Class A members and clearing banks on the international board, ICBC provides comprehensive financial services for customers such as settlement, agency trading and liquidity support through proprietary and agency trading on the international board.