MOSCOW -- Russia's biggest bank, Sberbank, said today that its Swiss subsidiary had begun trading physical gold on the Shanghai Gold Exchange.
Sberbank was granted international membership of the Shanghai exchange in September last year and in July completed a pilot transaction with 200 kilograms of gold kilobars sold to local financial institutions, the bank said.
Sberbank plans to expand its presence on the Chinese precious metals market and anticipates total delivery of 5 to 6 tonnes of gold to China in the remaining months of 2017. ...
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