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Hong Kong gold exchange members launch direct trade in Shanghai gold
[HONG KONG] Members of the Chinese Gold & Silver Exchange Society (CGSE) in Hong Kong began trade on the Shanghai Gold Exchange directly on Friday, expanding ways to access to one of the world's fast-growing bullion markets, China.
The CGSE members can now trade the Shanghai gold in Hong Kong through the CGSE's membership in the Shanghai Gold Exchange, a CGSE spokeswoman said.
The move comes as China plans to establish a yuan price fix on gold, which could give the buyers in Asia more power over bullion trade.
The spokeswoman said 33 members were registered for the trade as of Friday, out of 171 active members.
Those members are allowed to trade the Shanghai gold for clients and for their own business.