LBMA gold conference to be held in Shenzhen to reflect China’s dominance
The global precious metals authority will host its annual conference in China next year to capitalise on the country's status as the world's largest gold producer
Ahead of its annual conference in Boston later this month the London Bullion Market Association – which set standards for gold and silver trading – told Morning Wire next year's event would be held in Shenzhen.
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The LBMA, which oversees the global over-the-counter bullion market, said the move “reflects China's leading role in the global precious metals market.”
With more than 140 members the authority – which also sets pricing mechanisms – hopes to embrace China's global advancement moving sentiment away from viewing the country as a rival.
China produced 429 tonnes of gold last year, valued at around $16bn, and is also the largest gold consumer in the world.
The Shanghai International Gold Exchange, which provides trading, clearing, delivery and vaulting services for gold and silver in China will be partnering the conference in 2019.
The authority's chief executive, Ruth Crowell, said: “LBMA is delighted to announce that it will be holding next year’s annual precious metals Conference in Shenzhen, China on 13-15 October, 2019.
"This event will be held in association with the Shanghai Gold Exchange and reflects China’s leading role in the global precious metals market."
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The LBMA's 2018 annual conference gets under way in Boston on 28 October with senior representatives from central banks, refiners, miners, traders and investors in attendance.