■ Introduction to knowledge of non-standardized OTC products of gold futures Non-standardized OTC products are trading products with low standardization, and the trading place can be on-site or off-site. It mainly includes gold lending, gold account, gold investment fund, gold forward and swap. Gold lending has two main purposes: one is to meet the capital turnover needs of gold mining enterprises, and the other is to meet the hedging needs of enterprises. The borrower of gold lending is generally a gold mining company; With a large amount of gold reserves, the central bank has become a lender of gold loans. Since 1990s, gold loans have increased by 20% every year. The vigorous development of derivative financial instruments makes risk management easier and product pricing more flexible, further expanding the space for gold lending. The central bank as a lender and the gold mining company as a borrower usually do not trade directly, but are mediated by big banks: that is, big banks lend gold from the central bank and then lend it to gold mining companies. There are three reasons: one is to guard against credit risk; Second, solve the mismatch problem of loan term structure; Third, transfer interest rate risk. (To be continued)