| Reuters reports that China has approached foreign banks and gold producers to participate in a global gold exchange in Shanghai, people familiar with the matter said, as the world's top producer and importer of the metal seeks greater influence over pricing.
The Shanghai Gold Exchange (SGE) got the go ahead from the central bank last week to launch a global trading platform in the city's pilot free trade zone, a move that could challenge the dominance of New York and London in gold trade and pricing. Beijing's plans to open up gold trading comes at a time when the benchmark price-setting process for precious metals is under scrutiny...............................................Full Article: Source
|