Recently, a gold manufacturer in
In early 2014, ICBC introduced RMB gold forward as an innovative derivatives service. After customers enter into forward gold trading contracts quoted in RMB with ICBC, agreeing upon the quantity and price of future gold purchase or sale, customers can, upon the maturity of such contracts, launch reverse transactions at the spot price of RMB gold and settle the balance of RMB fund. Compared with gold forward settled in USD in the past, this new service not only helps enterprises lock gold cost and avoid the risk of potential gold price movements, but also enables them to hedge against the exchange rate risk of RMB/USD in gold forward trading, better meeting corporate requirements for gold hedging.
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