World Gold Council (WGC) and Industrial and Commercial Bank of China (ICBC) have signed a memorandum of understanding (MOU) for strategic cooperation within China’s gold market.
The agreement will enhance the exchange of market information between WGC and ICBC to promote domestic demand for gold, encourage investment into China’s gold market, as well as jointly develop and market new gold investment products within the country.
WGC and ICBC will share their resources and international gold market data to provide personnel training, research and product development, as well as trade analysis. ICBC will also offer integrated services in gold investment and trading through its investment channels and client resources.
Both parties will explore and jointly develop new gold investment products tailored to the Chinese market, and conduct surveys and studies on the domestic retail gold investment market, facilitating financial innovation and product diversity.
In addition, WGC and ICBC precious metals business department(s) will set up an ICBC/WGC gold business strategy board to discuss and plan strategies for their cooperation, as well as an action team to oversee the implementation of the decisions and initiatives adopted by the strategic group.
Aram Shishmanian, CEO of WGC, said: “WGC will continue to develop strategic partnerships in China, in order to provide a stable and sustainable service to Chinese gold investors, and therefore help them achieve wealth preservation.”