What does the gold exchange push for?

The listing of Yi Jintong may be a sign that the Chinese gold market has entered the era of "Internet +".

At the end of 2015, the Shanghai Gold Exchange (hereinafter referred to as “Golden Exchange”) combined with several major banks and some brokerage firms, which lasted more than half a year, officially launched the Yijintong mobile app, ending the history of the gold exchange without mobile trading terminals. .

The app integrates functions such as trading, quotes, inquiries, and information. Like many Internet user terminals, Yi Jintong Design is an "Internet" model, which is in line with the current usage habits of young mainstream "traders" and provides a basis for a wider range of training "golden powder" and bigger and stronger markets.

Yi Jintong has embedded the mobile Internet into daily transactions. On the surface, it is a small improvement at the product level. However, because of the tendency to stand and grasp the pain points, it may have a great role in cultivating the market. Whether it is physical consumption or financial transactions, China is one of the world's top gold markets. Yi Jintong is actually launched in the context of the continued increase in the financial demand for gold in the Chinese market. At present, there are nearly 9 million individual investors in the country participating in the gold trading business of the gold exchange, and the “golden powder” has a solid foundation; on the other hand, the trading varieties of the gold exchange have long trading hours (there are night plates), and investors are often difficult. Always sitting next to the computer, or using the phone to trade, the development of mobile terminals is the general trend.

黄金珠宝

Gold strategy

The status of the gold market has quietly risen. In March 2015, the UK announced plans to become a founding member of the Asian Infrastructure Investment Bank (hereinafter referred to as “AIIB”); in mid-March, the 100-year London gold fixing price was adopted by the new London Bullion Market Association ( LBMA) gold price fixing price replaced; in June, Bank of China became the first bank in Asia to directly participate in the Intercontinental Exchange (ICE) London gold pricing; in July, “Golden Shanghai-Hong Kong Stock Connect” opened; in September, the central bank was separated by 6 The latest gold reserve announced in the year was 1,658 tons, an increase of 604 tons from the previous (April 2009) announcement; in December, the International Monetary Fund (IMF) Executive Board decided to include the RMB in the Special Drawing Rights (SDR). Currency basket. In 2015, it can be said that China's national gold strategy has finally had the opportunity to be implemented in the year.

In October last year, the central bank nominated the 49-year-old Jiao Wei as the chairman of the Board of Directors of the Gold Exchange, which is quite useful. As a typical academic official, Jiao Yu has a keen macro strategic insight and megatrend judgment. In addition, he was also the first leader to propose the concept of inclusive finance and promote the development of a diversified financial system.

The open system of China's financial system is vast and numerous, and the gold market may become the vanguard. Compared with the complexity of opening up to the stock market, bonds, and renminbi (foreign exchange), the opening of the gold market is actually relatively simple. Although the gold international board is currently not very active, it is a sign and frontier position for the opening of the Shanghai financial market in the true sense. The gold international board is even more than two months in the morning than the “Shanghai-Hong Kong Stock Connect” of the stock market. .

History has repeatedly proved that although gold is not the most critical or important part of the financial market, it is an indispensable fulcrum that can incite the international financial market. To promote the internationalization of the renminbi and increase the incentives for foreign capital to hold renminbi, it is necessary to have a variety of financial transactions that can be used by the international market. Gold has a high degree of recognition in the international market, high transparency in trading rules and models, and is open to the entire Chinese financial market. The mainstream international financial assets that are tested first, and the more comprehensive promotion of the gold international board will help to increase the credit for the internationalization of the renminbi.

The positioning of the “people gold” gold market under “Internet +” is very important and has risen to the national strategic decision-making level, and the specific style of play may be different from the past. Premier Li Keqiang said on the evening of the launch of the "Shanghai Gold" international board on the gold exchange, "Shanghai has already scoured several barrels of gold. In the future, it will continue to release the potential of gold rush, benefit more people, and make 'Shanghai gold' become 'people's gold'" . This also confirms the positioning of the "Shanghai Jin" Pratt & Whitney nature. "Shanghai Gold" can't be done too high. It should develop "Shanghai Gold" like the development of microfinance and other inclusive finance, and promote the development of "Shanghai Gold" to the general public. But the physical gold market is bigger, first of all to solve the pain point of liquidity. As a very liquid asset, gold is still very much recognized by many financial institutions. However, with the continuous improvement of the private stock in China's gold market and the basic demand for gold assets in various asset allocations of investors, the basic needs of gold assets are gradually increasing. Elevated, physical gold disposal is difficult, and poor mobility becomes a pain point. Before the launch of Yi Jintong, etc., the development of the “Internet + Gold” mobile terminal based on the “golden wallet” that revitalized the private gold stocks is in full swing.

The launch of Yi Jintong and the launch of many “Internet + Gold” companies are not only conducive to meeting diversified market demands, but also allowing ordinary people to participate, and also activate the gold stocks with gold as the carrier. This is actually releasing liquidity for the market and playing the value of gold financial attributes and high quality collateral. The new business model will help reduce the flow cost of gold, give play to the advantages of the sharing economy, and reduce the difficulty of financing and financing of related enterprises. It can be said that this is completely in line with the characteristics and direction of inclusive finance.

Doing Daikin

How to make gold play a corresponding role in the daily consumption and financial investment of ordinary people may be the more important mission of the current gold exchange. At the 10th China Gold and Precious Metals Summit held in early December 2015, Jiao Wei mentioned three points: “One is that the development of the gold market still faces good opportunities; the second is the efforts of the gold exchange to promote the innovation and development of the Chinese gold market and opening up to the outside world. The third is that the future gold exchange will adhere to the road of marketization and internationalization, and further promote the common development of the global gold market."

In fact, according to Zhou Xiaochuan’s positioning of the “three transformations” of the gold market in 2004, the transition from commodity trading to financial trading has gradually been realized. The shift from spot trading to futures trading is In progress, the transition from the domestic market to the international market is actually the direction of real efforts.

To fully realize these three changes, first of all, China's gold market must face the majority of investors, unswervingly take the road of marketization and internationalization, vigorously develop spot trading and derivatives trading, and form competition in the market and the market. Development will eventually lead to the integration of domestic motherboards, international boards, and “Internet + Gold” to form a multi-level gold system.

According to the current popular saying, the purpose of developing the gold market is firstly to serve the real economy and to facilitate investors to optimize the allocation of financial assets. Secondly, it is necessary to guide and promote the adjustment of the gold industry and enhance the level of competition. The most important point is to promote the renminbi. globalization. On the one hand, we must have a strong Chinese economy to back up, on the other hand, we must have enough gold stocks and enough people to participate. When the entire gold market product is rich enough and the participating groups are wide enough, enterprises can use the gold market to achieve market goals. The government can promote more and more specific macro-control and inclusive financial penetration through the gold market.

The listing of Yi Jintong may be a sign that the Chinese gold market has entered the era of "Internet +". As the ultimate product provider of the Chinese gold market, the gold exchange has obvious advantages. Encourage and support more gold innovation products and models, accept more “Internet + Gold” industry model, guide and connect to the gold exchange platform, meet the diversified demand of the growing gold market, and help to enhance the entire financial market. The attention to the gold field further shapes the authority and reputation of the gold exchange in the entire Chinese gold market, and this is the premise of making the Chinese gold market bigger and stronger.

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