Russia’s Sberbank begins physical gold trading on Shanghai exchange
MOSCOW – Russia’s biggest bank Sberbank said on Thursday its Swiss subsidiary had begun trading physical gold on the Shanghai Gold Exchange.
Sberbank was granted international membership of the Shanghai exchange in September last year and in July completed a pilot transaction with 200 kg of gold kilobars sold to local financial institutions, the bank said.
Sberbank plans to expand its presence on the Chinese precious metals market and anticipates total delivery of 5 t to 6 t of gold to China in the remaining months of 2017.
Gold bars will be delivered directly to the official importers in China as well as through the exchange, Sberbank said.
Russia’s second-largest bank VTB is also a member of the Shanghai Gold Exchange.
- Physical Silver: This Will Be The Battle To End All Battles!
- Shanghai Shock April 19, 2016: Yuan Based Gold Standard.
- JP Morgan’s Massive Multi Million Silver Naked Short Position
- Gold Backed Yuan: China Plans To Send The Price Of Gold Skyrocketing
- Moscow & Beijing Establish BRICS Monetary Transactions In Gold: It All Begins
- China Boosting Oil Imports From Iran: Philippines Also Joins List of Iran’s Oil Clients
- China Locked In The Zionist Controlled Dollar Death By Launching Their Own Gold Price Exchange
- China Becomes 2nd Biggest Importer Behind Turkey of Russian Food Products: Dumps U.S. GMO Corn
- Russia & China Calls For East Jerusalem As Capital Of Palestinian State: Xi Jinping Announces $Millions In Aid To Palestine