The Wall Street Journal reported that China Construction Bank Corp. (HKEX:0939) has become the first Chinese bank to participate in the LBMA Silver Price. According to the news outlet, the news illustrates “the country’s footprint in global financial markets.”
As quoted in the market news:
CCB, one of China’s big-four state-owned lenders, will participate in the daily electronic auctions that set the LBMA Silver Price benchmark, CME Group Inc. said in a news release Monday. CME Group and Thomson Reuters Corp. co-administrate the silver fix.
The Chinese bank will join UBS Group AG, Bank of Nova Scotia,HSBC Holdings PLC,Toronto Dominion Bank and J.P. Morgan Chase & Co.
“CCB is delighted to be the first Chinese bank to become a participant in the Silver Price auction process in London,” said Mr. Gu Yu, general manager of the financial markets department at CCB. “This further builds on our combined efforts to boost RMB liquidity and products in Europe.”
The move is the latest in a series of steps taken by China to extend its reach in global financial markets, and will make it easier for companies and individuals to invest abroad.
Click here to read the full report from The Wall Street Journal.
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