AtoZForex.com Amsterdam — The Dubai Gold & Commodities Exchange has reached a milestone today, which is commonly abbreviated as DGCX. The achievement entails a signage of a Memorandum of Understanding (MoU) between DGCX and the Bank of China. The signed agreement will provide a framework for both parties to collaborate together for the purpose of integrating interaction, collaboration on derivatives and cooperation between financial markets of China and the UAE. Marking a fruitful DGCX Bank of China collaboration deal.
According to the released statement of DGCX, the MoU will open opportunities to for both institutions to exchange best industry practices and market information. Especially, as both parties hold a leadership act in their regional markets, marking an ideal milestone for collaborating between both countries. Explanatory, the Bank of China offers a broad range of financial services across Mainland China, Macau, Hong Kong, Taiwan and another 39 countries. The core business of the BOC is focused around commercial banking, ranging from personal banking to corporate banking. What makes the Bank of China reputable is the fact that it is the only Chinese institution, which is part of the Global Systematically Important Banks for four years in a row. Making it the only Chinese bank listed in the Global 500 establishing.
On the other hand, DGCX is the first commodity and derivatives exchange in the region of Dubai since 2005 and serves today as the leading exchange in the Middle East. Enjoying this strategic location, DGCX operates between the EU and Far East time zones. DGCX’s broad range product offerings varies from currency sectors, base metal, energy and many other products.
Relating back to the DGCX Bank of China collaboration deal, the Interim CEO of DGCX , Mr. Guarang Desai commented on the new achievement: “This is another partnership that supports our efforts to create closer ties between the UAE and Chinese derivatives and financial markets. Collaboration between markets is key for sustained business growth. The signing of this MoU with the Bank of China has been guided by our larger vision of contributing to the development of our national and regional markets.”
In response to the reached milestone from the Bank of China side, the General Manager, Mr. Wu Shiqiang said the following: “We are pleased to sign this agreement with DGCX. “Pursuing excellence” is one of the Bank’s guiding principles and we believe this MoU will support us in our effort to promote quality and excellence through market collaboration. Through this MoU, we will be able to gain better insights into opportunities for partnerships with the UAE financial sector.”
The MoU is just the start of a long-term partnership between China and the UAE. Marking a seal on the numerous of minor cooperation between both parties in the last couple of years. Now with the Memorandum of Understanding in place it will rapidly expand the collaboration and investments exchange between China and the UAE.