...the world's largest physical gold exchange, simultaneously and jointly launched a series of gold futures products in what they pitched as cross-market cooperation.
On the US side, CME has launched two cash-settled 'Shanghai Gold futures', based on the SGE's daily Shanghai Gold Benchmark Price, one denominated in US dollars and the other denominated in offshore Chinese renminbi (CNH). Both of these contracts are listed on the COMEX. On the Chinese side, the SGE has launched a T + N (margin) 100 gram contract denominated in renmimbi (RMB) that's based on the CME's COMEX Gold Futures Asia Spot Price. The SGE calls this the NYAuTN contract.
For those unfamiliar with the Shanghai Gold Benchmark Price, this is a twice daily gold spot fixing auction operated by the SGE which was launched in April 2016. The auctions runs on SGE business days at 10:15 am and 2:15 pm Beijing Time and are for physically-delivered 1 kg lots of 99.99% purity gold or higher, quoted in RMB per gram. You can read all about the Shanghai Gold Benchmark Price in the BullionStar article here "Shanghai Gold Benchmark Price – New Kid on the Block".