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China's big four banks, StanChart, ANZ to join yuan gold benchmark
By A. Ananthalakshmi
Reuters
Wednesday, April 13, 2016
Top Chinese banks, alongside Standard Chartered and ANZ, will be among 18 members to join a new yuan-denominated gold benchmark that signals China's biggest step toward becoming a price-setter for the metal.
As the world's top producer, importer and consumer of gold, China has balked at having to depend on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold.
The yuan gold fix, to be launched on April 19, is not expected to pose an immediate threat to the gold-pricing dominance of London and New York, but it could ultimately give Asia more power, particularly if the Chinese currency becomes fully convertible.
The Chinese benchmark price will be derived from a 1 kilogram-contract to be traded by the 18 members on the Shanghai Gold Exchange, which will act as the central counterparty.
The price-setting process will include China's big four state-owned banks, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, the SGE said in a statement on its website.
Bank of Communications, Shanghai Pudong Development Bank, China Minsheng Banking Corp., Industrial Bank Co., Ping An Bank, and Shanghai Bank will also participate. ...
... For the remainder of the report:
http://www.reuters.com/article/china-gold-fix-idUSL3N17G2W4
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