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Follow on Google News | Gold Continues Rise, HSBC Enters China MarketGold, which usually rises as the dollar weakens, hit its third record in five days, notching a near 9 percent monthly gain for July. Meanwhile, HSBC has been granted access to trade gold futures in Shanghai.
Investors are particularly concerned because the US sovereign debt market has traditionally provided a “risk-free” HSBC's China banking unit has obtained regulatory approval for membership of the Shanghai Futures Exchange, becoming the first foreign bank allowed access to the country's gold futures market. HSBC will join a small elite club of financial institutions that have been granted access to trade gold futures in Shanghai. In April 2009, four domestic commercial banks were granted access to trade as authorities moved to inject more liquidity into the product. Under China's strict laws governing the financial industry, financial institutions such as banks, securities firms, mutual funds and insurance companies are banned from entering the commodity futures market without special regulatory approval. The World Federation of Exchanges says trading firms around the world are eager to access China's commodity exchanges, which made up 51 percent of volumes of commodity derivatives traded worldwide in 2010. # # # About Corolla Financial: Corolla Financial specializes in providing a range of financial advisory and brokerage services to personal and corporate clients. Regardless of what stage of life or business you are at, Corolla delivers comprehensive advice and services custom designed to address your needs. End
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