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Home > About > Upway Global Warmly Congratulates the CGSE and DGCX on the Completion of the Signing Ceremony

Upway Global Warmly Congratulates the CGSE and DGCX on the Completion of the Signing Ceremony

2016-12-14 17:53:37 | 浏览 7440

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On December 12, Upway Global was invited to participate in the agreement reached between The Chinese Gold and Silver Exchange Society (CGSE) and the Dubai Gold & Commodities Exchange (DGCX) on the mutual development of commodity market connectivity between Hong Kong and Dubai. A signing ceremony for the "Memorandum of Understanding" was held at the Hong Kong Convention and Exhibition Centre, with over 160 local and international gold merchants attending the grand event. Upway Global, as one of the CGSEs members, was fortunate to witness this moment and extends warm congratulations on the agreement and joint development.

Mr. Albert Chan, CGSE Chairman, stated that the CGSEs mission is not only to be the offshore hub for Chinas precious metals trade but also an important model for planning and development in countries and regions along the "Belt and Road." This cooperation with the DGCX will help the CGSE expand its Asian footprint and assist Hong Kong in striving for international gold pricing power.

The CGSE was established in 1910 and has a long history of over 100 years. It is currently the only gold and silver exchange in Hong Kong for physical gold and silver trading and holds a significant position in the international gold market. The CGSE operates a membership system with 171 members managed by a Council and Supervisory Committee of 21 members. The exchange aims to provide trading venues and related services for members to conduct precious metals trading activities such as gold and silver. It currently offers 999 gold and kilogram bar contracts traded via open outcry, as well as London Gold/Silver contracts, RMB Kilobar, HKD 999.9 Gold contracts, and HKD Local Silver contracts traded electronically.

Mr. Gautam Sashittal, CEO of the Dubai Multi Commodities Centre (DMCC), the parent company of the DGCX, stated that both parties hope to deepen mutual understanding among their members through the signing of this MOU, jointly enhance market liquidity, and increase the regions say in gold pricing.

The Dubai Gold & Commodities Exchange (DGCX), also known as the Dubai Gold Commodities Exchange, is a financial and commodity exchange in Dubai that began operations in 2005. It is the first derivatives exchange in the Middle East and North Africa region and is affiliated with the DMCC. The DGCX has 267 members, and its operations are monitored by the Securities & Commodities Authority (SCA). In 2006, the exchanges "Gold Futures" was established, and a new gold pricing benchmark was announced. In 2007, the exchange launched the worlds first Rupee futures contract. The exchange has also launched rebar futures contracts, the first copper futures contract in the Middle East and North Africa region, among others. DGCX currency futures contracts include AUD/USD, CAD/USD, CHF/USD, EUR, GBP, JPY, and Indian Rupee futures.

It is understood that the DGCX has been committed to exploring the Chinese gold market since 2016. The signing of the MOU between the DGCX and the CGSE can effectively link the physical gold markets of both regions, thereby promoting the development of the commodity markets in both regions more effectively.

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