Shanghai Gold Exchange (hereinafter referred to as "Shanghai Gold Exchange") cooperated with China Foreign Exchange Trading Center to launch inter-bank gold inquiry business, and held a joint launching ceremony yesterday. By the end of the launching ceremony, nine institutions including ICBC had participated in the trial operation of the inquiry business. Previously, the products of Shang Jin Research Institute mainly adopted the transaction mode of bidding and matching. In the inquiry trading mode, both parties can directly quote the transaction, and the transaction subjects in the interbank market complete the transaction through independent bilateral inquiry based on bilateral credit. According to analysis, the inter-bank gold inquiry business may help to increase the liquidity of the domestic gold market. With the development of this business, the market liquidity will be further enhanced, and the China market will also play a more important role in the gold price trend. For China, the world's second largest demand country for precious metals, this is a major reform.

"10 years ago, Shanghai Gold Exchange developed the spot gold market relying on China Foreign Exchange Trading Center. Ten years later, the China Foreign Exchange Trading Center and the Shanghai Gold Exchange cooperated frankly, creating a precedent for domestic cross-market factor market cooperation. It is also the first time for the two units to launch a product at the same time. " Wang Zhe, chairman of the Shanghai Gold Exchange, said yesterday that the inter-bank gold inquiry business will supplement the previous bidding business of the Shanghai Gold Exchange and will become an important part of the gold market in the future. According to the agreement, Shanghai Gold Exchange is mainly responsible for the market system construction, market access and new product release of gold inquiry business, as well as clearing and delivery services, and China Foreign Exchange Trading Center cooperates with the trading system construction responsible for inquiry trading. According to the business rules of inter-bank gold inquiry, first, the transaction initiator sends an inquiry request, and inputs the transaction type, delivery date and quantity of gold inquiry, waiting for the quotation party to respond to the price. After receiving the inquiry request, the trading offeror will input the price and the effective time of the price after comprehensively considering the information of the trading variety, delivery date and trading direction, and send it to the trading sponsor to confirm the transaction. There are two kinds of gold inquiry transactions listed yesterday, AUX. CNY and AUY. CNY, corresponding to the gold trading targets with purity of not less than 99.95% and not less than 99.99% respectively. The gold inquiry transaction unit is grams, and the transaction quantity is AUX. CNY and AUY. The CNY variety must be an integer multiple of 1 kg, with a minimum trading volume of 60 kg and a maximum trading volume of 5000 kg. The price of gold inquiry transaction is limited by the proportion specified in the benchmark price. The transaction price of spot gold inquiry transaction can fluctuate within the range of 15% of the benchmark price announced by the exchange on the same day. Auxiliary. CNY and AUY. CNY trading varieties adopt the closing price of the previous trading day of Au nine thousand nine hundred and ninety-nine and Au nine thousand nine hundred and ninety-nine contracts in the exchange bidding market as the benchmark price. Some banks are still waiting to see. Pei Chuanzhi, president of China Foreign Exchange Trading Center, pointed out yesterday that the inter-bank gold inquiry business is a major attempt of product innovation in the inter-bank market. China Foreign Exchange Trading Center has hosted more than 350 members of the foreign exchange market and more than 2,000 participants in the bill market. This year, the inter-bank local and foreign currency market transaction volume is expected to reach 300 trillion yuan. Zhou Ming, general manager of ICBC's precious metals business department, said that the market maker system is helpful to mobilize the superior resources of large commercial banks and improve the liquidity of the gold market. By participating in the gold inquiry business, commercial banks can comprehensively upgrade the level and level of precious metal business, and better meet the financing and hedging needs of the precious metal industry chain in China. Some commercial banks are also cautious about gold inquiry business. "I also want to observe this kind of inter-bank gold inquiry business. A successful market needs rich activities. The market maker system can not fully stimulate the enthusiasm of institutions to participate in market transactions, not to mention that only 20 banks can participate in the trial operation in the first batch. The person in charge of the precious metals business of a commercial bank said that the differentiation of participating institutional trading strategies is also an important factor in market activity, which puts higher demands on bank traders. " Only when it is possible to make money will institutions participate in this market.