22.04.2016 - China eyes more say in global gold pricing
With the launch of its own gold price benchmark, China, the world’s biggest producer and consumer of gold, has more influence in the pricing of the precious metal. It will be some time, however, before “Shanghai Gold,” launched by the Shanghai Gold Exchange on Tuesday, can truly challenge the dominance of its international counterparts. The fix, the Shanghai Gold Benchmark Price, was set at 260.39 yuan (US$40.20) per gram yesterday morning; by the afternoon the fix was 261.82 yuan. As the first gold price benchmark denominated in the Chinese currency, the fix is the quote for trading of 1 kilogram of 99.99 percent purity bullion, derived from multiple rounds of trading...............................................Full Article: Source
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