| China’s Industrial and Commercial Bank of China (ICBC) is interested in participating in the London gold price benchmarking process, the bank said. “While many western banks are exiting the commodity business, Chinese banks see it as a great opportunity,” Zhou Ming, ICBC general manager, said on Thursday.
Last week, Bank of China (BOC) became the first Chinese bank to participate in the LBMA Gold Price, which formally replaced the near-century-old London Gold Fix on March 20. Standard Chartered and Morgan Stanley have also signed up, the LBMA said on Monday this week, bringing the total number of participants to 10 alongside JP Morgan Chase Bank, Scotiabank, HSBC, Société Générale, UBS, Barclays and Goldman Sachs...............................................Full Article: Source
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