| China is expected to receive approval from its central bank for a yuan-denominated gold fix "anytime now", with more details about the scheme potentially set to emerge at a major industry conference this week, sources told Reuters.
The world's top gold producer and one of the biggest consumers wants to be a price-setter for bullion and is asserting itself at a time when the global dollar-denominated benchmark, the century-old London fix, is under scrutiny for alleged price-manipulation. If the yuan fix takes off, China could compel buyers in the mainland and foreign suppliers to pay the local price, making the London fix less relevant in the world's biggest bullion market...............................................Full Article: Source
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