SHENZHEN, Aug. 1 (Xinhua) -- The Shanghai International Gold Exchange (SGEI) has launched a new certified vault in China's southern boomtown Shenzhen on Wednesday.
The SGEI, a wholly owned subsidiary of the Shanghai Gold Exchange (SGE) and also known as the SGE's international board, established and will operate the vault in cooperation with the Industrial and Commercial Bank of China.
"In order to ensure the smooth operation of SGE's international business, SGE has now decided to launch the new SGEI certified vault to facilitate physical delivery through SGE as well as bullion storage and other transactions by international members and customers," SGE said in an online announcement.
Shenzhen, where nearly 70 percent of China's gold products are designed and processed, has the most advanced manufacturing productivity in the industry and plays an important role in the gold industry in Asia and the world, SGE said.
The launch of the vault in Shenzhen is expected to diversify the sources of gold imports, effectively improve the supply efficiency of physical gold, fulfill the function of serving the real economy and better meet the demands of the processing business of gold enterprises in the city.
Founded in September 2014, the SGEI is registered in the Shanghai pilot free trade zone and enables foreign institutions and individuals to access the Chinese precious metals market based on a free trade account system.