| Top gold consumer China launched a yuan-denominated gold benchmark on Tuesday, in an ambitious move to exert more control over pricing of the metal and influence in the global bullion market.
The benchmark is a culmination of efforts by China over the last few years to reform its domestic gold market, attempting to gain a bigger say in the bullion industry, long dominated by London where the global spot benchmark price is set. As the world's top producer, importer and consumer of gold, China has baulked at depending on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold...............................................Full Article: Source
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