[SHANGHAI] The Shanghai Gold Exchange is in discussions with the CME Group Inc about listing each other's contracts on their respective exchanges, according to Shen Gang, vice president of the SGE. The Shanghai gold bourse will list contracts and prices on the CME in the first phase of the cooperation, Mr Shen said Thursday at a conference in Shanghai. The CME's contract will then be available to members of the Chinese exchange during a second phase, she said. An agreement will be signed in August and trading may begin in the first quarter of next year, according to Shen. China, the top consumer of raw materials, is expanding its presence in gold and currency markets worldwide and a deal for the Shanghai bourse would bring it closer to CME's Comex, the biggest futures market for gold. The country saw a surge in commodities-derivative trading last year and policy makers are making a case to add the yuan to the International Monetary Fund's basket of reserve currencies.