Wednesday, April 20, 2016

China launches yuan gold fix in bid to gain more influence in pricing

The 12 fixing members include 10 Chinese banks and two foreign banks – Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Shanghai Pudong Development Bank, China Minsheng Bank, Industrial Bank, Ping An Bank, Bank of Shanghai, Standard Charted Bank (China) and Australia and New Zealand Bank (China).
The other six companies – China National Gold Group Corp, Shangdong Gold Group, Shanghai Lao Feng Xiang, Chow Tai Fook, Bank of China (Hong Kong) Ltd and MKS (Switzerland) SA – take part in the benchmark as reference price members.
The goal for China is to boost its influence in global commodities and currency markets while trying to make the yuan a viable competitor to the US dollar.

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