Offshore gold contracts to be traded in FTZ

Offshore gold contracts denominated in renminbi, the Chinese currency, will be traded in the China (Shanghai) Pilot Free Trade Zone later this year, top officials of the Shanghai Gold Exchange said on Wednesday.

The People's Bank of China, the central bank, had in May given the green light for setting up an "international board" for gold trading at the Shanghai FTZ.

SGE officials indicated that the plan to accept offshore renminbi-denominated investments will speed up the Chinese currency's internationalization process and make the Chinese bullion market more accessible to overseas investors.