Flashback: ICBC: A New Global Currency Setup Is Being Conceived

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Posted on 15 Jul 2014 by Koos Jansen
ICBC: A New Global Currency Setup Is Being Conceived
The Chinese Perspective On The International Gold Market

1908At the LBMA Bullion Market Forum in Singapore on June 25, 2014, two very important speakers attended; Xu Luode, chairman of the Shanghai Gold Exchange, and Zhou Ming, General Manager of the Precious Metals Department at ICBC. Me and Torgny Persson have written about the speeches from Xu and Zhou in previous posts, in this post we will take a closer look at what Zhou said, based on what Chinese media have written about it (whereas Western media are reluctant to cover this). His statements are not entirely new as he already had revealed some objectives of ICBC’s precious metals department in an interview conducted on January 7, 2014; ICBC’s main goal is to become a significant player in the international gold market. Yet, he made a few remarkable statements in Singapore. First, a few segments from the article/interview published in January:

In 2013, ICBC physical gold sales increased by more than 80% YoY, the growth rate of the entire line of business also grew more than 30% over the previous year.

For Zhou, the growth of the precious metals business is not accidental. Aside from ICBC’s management in forward-thinking and advantages from being a bank, it’s also because in China’s internationalization process banking institutions are required to play this role.

When the precious metals department was established, ICBC chairman Jiang Jianqing said: “We have the ambition that ICBC becomes a world-class commercial bank in precious metals investment management.”


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Last Edited by Uncle Fuck Stick on 03/19/2015 08:09 PM