China to get first gold ETFs
Huaan Asset Management and Guotai Asset Management are to launch China’s first gold-backed exchange-traded products after receiving approval for the funds from the China Securities Regulatory Commission.
The ETFs, which will be listed on the Shanghai Stock Exchange and denominated in yuan, will track movements of spot gold prices on the Shanghai Gold Exchange.
Neither company has indicated yet when the funds will launch but demand for physical gold has been booming in Asia in recent months as the price of the precious metal falls following a 12-year bull market.
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