Business
eBullion Inc. Goes International Through CGSE's "Gold Connect" Strategy
eBullion Inc. Goes International Through CGSE's "Gold Connect" Strategy.
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[{"type":"text","content":"\n\n\n\neBullion Inc. Goes International Through CGSE's \"Gold Connect\" Strategy\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\neBullion Inc. Goes International Through CGSE's \"Gold Connect\" Strategy\nPR Newswire\nNEW YORK, March 29, 2016\n\n\n\nNEW YORK, March 29, 2016 /PRNewswire/ -- Since the launch of the 'Shanghai-Hong Kong Gold Connect' in July 2015, the transaction volume of Renminbi Kilo Bar Gold has increased by 5-10% to an average daily volume of 5,000 kg. eBullion (OTCQB: EBML) and other gold trading platform providers in Hong Kong are benefited by the increase of average trading transactions. \n\nThe Chinese Gold and Silver Exchange Society (CGSE) plans to launch a Singapore-Hong Kong Gold Connect with the Singapore Exchange (SGX), and 15 CGSE members are in the process of becoming qualified on the SGX board for conducting transactions. eBullion (EBML), a wholly owned subsidiary Man Loong Bullion Company, is an AA CGSE trading member intending to participate in the 'Singapore-Hong Kong Gold Connect'. The application will take two to three months to complete. \n\nAfter the SGX, the CGSE's next target in overseas trading will be India. This is in line with the business strategy of eBullion to go internationalization.\n\nCGSE President Mr. Steven Chan said that gold trading should take advantage of the One Belt, One Road national initiative so that the gold trading market could be enhanced, which would help the process of the internationalization of the Renminbi. \n\nAmong the 100 richest gold reserve countries in the world today, 43 of them are situated along the trade routes covered by the One Belt, One Road scheme, and the gold reserves of these countries amount to 21,000 tons or 41.5% of the total global reserves. \n\nMyanmar, Mongolia and Kazakhstan are three countries famous for their rich gold resources and are in the coverage of One Belt, One Road. Mr. Chan highlighted that Hong Kong, being an important hub city on the trade routes, should be more active in helping the internationalization of the Chinese gold trading market.\n\nTo...