Bank of China
Bank of China (BoC) entered the international gold market in the 1970s, when it was a specialized foreign exchange and trade bank – becoming the first Chinese commercial bank to do so.
The bank joined the London Bullion Market Association (LBMA) in 1987. An active participant in the gold trading business in London ever since, it joined the LBMA Gold Price auction process, becoming the first in Asia – and only the eighth globally – in 2015.
BoC offers 24-hour precious metals leasing, spot, forward and swap trading services from its branches in Beijing, London and New York, covering gold bars, gold coins, silver bars and platinum.
A Chicago Mercantile Exchange (CME) Clearing settlement bank and collateral custodian, BoC executed the first trades of the new Shanghai Gold futures contracts – in dollars and offshore renminbi – on CME Group in October 2019.
It also became a market maker for the Shanghai Gold Exchange’s newly launched New York Gold extension products and executed the first trades last year.
The bank, run by president Wang Jiang, helps domestic precious-metal manufacturers and suppliers sell their products overseas, while providing related trade and financing services.
Its clients are some of China’s largest players in the field.