<Forex News> CNCBI announced that it has become the settlement bank of the Hong Kong Gold Exchange. The memorandum of understanding was signed at the inauguration ceremony of the first board of directors of the Hong Kong Gold Exchange and the 115th anniversary dinner of the Gold and Silver Exchange last Friday.

Shen Qiang, Executive Director and CEO of CNCBI, said: "In view of the growing global demand for gold, China CITIC Bank (International) will respond to the call of the Hong Kong Special Administrative Region Government, seize the development opportunities of the gold market, give full play to the role of the Hong Kong market as a "super value-added person", and help Hong Kong develop into an international gold trading center by providing professional settlement and supporting services to the Hong Kong Gold Exchange. We firmly believe that by providing offshore RMB settlement services to the Hong Kong Gold Exchange, we will support the development of Hong Kong as the world's largest offshore RMB business center."

The first phase of cooperation between CNCBI and the Hong Kong Gold Exchange includes opening accounts for its members and providing Hong Kong dollar, US dollar and RMB transaction settlement services. Subsequently, services such as collection of member registration fees, member financing solutions, real-time foreign exchange quotes and offshore RMB settlement transactions will be launched. (BC)

Source: Astock Financial