NEW 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.
The 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.
After 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.
CGSE 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.
Among 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.
Myanmar, 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.
To learn more about eBullion Inc, visit the company website at http://www.ebulliongroup.com.
This press release contains forward-looking statements that may involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding eBullion's strategy, future plans for business development, future expenses and costs, future liquidity and capital resources, and estimates of business profit. All forward-looking statements in this press release are based upon information available to eBullion on the date of the release, and eBullion assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that business development will continue at any specific progress. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the U.S. Securities Exchange Commission.
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