The Shanghai branch of British bank Barclays has won approval to become a trading member of the Shanghai Gold Exchange, the seventh foreign financial institute to obtain such membership, the exchange announced Wednesday on its Web site.

Other foreign trading members include Credit Suisse , HSBC , Standard Chartered , Bank of Nova Scotia , ANZ and United Overseas Bank .

China has vowed to open up the tightly controlled gold market. Recently it has given approval to HSBC and ANZ to trade gold futures on the Shanghai Gold Exchange.

The Shanghai Gold Exchange is China's main precious metals exchange, trading spot gold, silver and platinum as well as spot deferred contracts in gold and silver.

Standard Chartered bank Credit Suisse China Barclays