China tests yuan gold fix amid pricing ambitions, sources tell Reuters

Section:

By A. Ananthalakshmi
Reuters
Wednesday, May 6, 2015

SINGAPORE -- China conducted trial runs for the planned launch of a yuan-denominated gold fix last month, three sources familiar with the matter said, in a sign that the world's second-biggest bullion consumer was moving closer to creating a benchmark price.

The state-run Shanghai Gold Exchange, on whose international platform the fix will be launched, conducted the trial with major Chinese banks and a few foreign banks, the sources said this week.

The SGE could not be immediately reached for comment.

China, also the top gold producer, feels its market weight should entitle it to be a price-setter for bullion and it is asserting itself at a time when the established benchmark, the century-old London fix, is under scrutiny because of alleged price-manipulation. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/05/06/us-gold-china-fix-idUSKBN0NR06...



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