Shanghai may launch international gold exchange in FTZ

Shanghai may launch an international trading board for gold in the China (Shanghai) pilot Free Trade Zone this quarter.

The new trading board in the FTZ is expected to attract foreign participants as China hopes to have a bigger influence on global gold prices.

The FTZ is expected to attract a gold inventory of 1,000 tons.

Gold sales rose to 323 tons in the first quarter, up 0.8 percent from a year earlier, local media reports said citing the Shanghai Gold Exchange.

Xu Luode, secretary-general of the bourse, said earlier that the international board would adopt Shanghai Gold -- a spot gold trading mechanism similar to the Loco London Gold.