HSBC joins Shanghai Futures Exchange

HSBC China becomes the first foreign member of the Shanghai Futures Exchange and intends to focus on gold trading.

HSBC joins Shanghai Futures Exchange
The Shanghai Futures Exchange

HSBC has won approval to join the Shanghai Futures Exchange, becoming the first foreign bank to gain access to China’s gold futures market.

The announcement came on Friday, a day when the gold price hit an all-time high of $1,632.30 per troy ounce as investors panicked about the continued stalemate over negotiations to raise the US debt ceiling ahead of the August 2 deadline.

David Liao, managing director, treasurer and head of...

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