Reports say that the World Gold Council (WGC) has signed a memorandum of understanding (MoU) with Industrial and Commercial Bank of China (ICBC), in an effort to further infuse growth into China’s gold market. A strategic cooperation has been defined, involving exchange of market information between WGC and ICBC, sharing of each other’s resources, and international gold market data, to provide personnel training, research, and product development, and trade analysis.

The MoU is focused on encouraging domestic demand for gold and gold investment in China. Also, both entities will jointly work to develop new gold investment products suited to the Chinese market, and conduct surveys on the domestic retail gold investment market, to bring about financial innovation and product diversity.

The ICBC will provide integrated services in gold investment and trading through its investment channels and client resources. WGC and ICBC Precious Metals Business Department(s) will set up an ICBC/WGC Gold Business Strategy Board to formulate strategies for their cooperation, and an Action Team to supervise implementation of the strategies designed by the Strategic Group.

ICBC is China’s largest commercial bank.