China’s Yuan Gold Benchmark to Launch with 18 Members
by A. Ananthalakshmi
Reuters.com
Top Chinese banks and gold miners, along with the world’s biggest jewellery retailer, will be among 18 members taking part in Beijing’s new yuan-denominated gold benchmark, a source familiar with the matter said.
Two foreign banks will also join the benchmark-setting process, when it launches on April 19, marking China’s biggest step to become a price-setter for gold.
As the world’s top producer, importer and consumer of gold, China has baulked at having to depend on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold.
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Source: http://financialsurvivalnetwork.com/2016/04/chinas-yuan-gold-benchmark-launch-18-members/
