Dubai: The Dubai Gold & Commodities Exchange (DGCX) has inked a pact with the Agricultural Bank of China, one of China’s biggest state-owned commercial banks for product development.
This development further cements the strategic intent of the region’s most diversified exchange, DGCX by enhancing its association with its Chinese partners. This alliance will focus on areas of product development, strategy and exchange related market intelligence.
China’s third largest lender by assets ABC is listed on both the Shanghai Stock Exchange and Hong Kong Stock Exchange. The bank has had a first movers edge in the precious metal business in China and is known to hold lead positions consistently.
“ABC’s vast customer network, increasing local presence, coupled with DGCX’s expertise in the precious metals, commodities and derivatives provides an exciting platform to develop product & services that our shared customer base desires. We want to actively facilitate the tradeflows in the precious metals and commodities between China and the Middle East,” Gaurang Desai, CEO of DGCX, said in a statement.
ABC first established its presence in UAE by opening a branch in DIFC in 2013. The following year, ABC listed a 1 billion Chinese Yuan bond on Nasdaq Dubai, becoming the first Chinese issuer to list a bond in the wider MENA region.
