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China starts gold fixing in bid to expand global market sway
From Bloomberg News
Tuesday, April 19, 2016
China, the world's biggest producer and consumer of gold, started a twice-daily price fixing today in an attempt to establish a regional benchmark and bolster its influence in the global market.
The Shanghai Gold Exchange set the price at 256.92 yuan a gram ($1,233.85 an ounce) at the 10:30 a.m. session after members of the exchange submitted buy and sell orders for metal of 99.99 percent purity. Members include Chinese banks, jewelers, miners, and the local units of Standard Chartered and Australia & New Zealand Banking Group Ltd., according to the bourse.
China has overtaken India as the largest consumer as rising incomes and surging economic growth boosted purchases of jewelry, bars, and coins. The central bank has also been adding to its bullion holdings in a move to diversify its foreign-exchange reserves. The country's plans to develop a benchmark to rival the twice-daily London auction may be hampered by capital controls.
"This is a very important development and will obviously be very closely watched," said Robin Bhar, an analyst at Societe Generale SA in London. "But as long as it exists inside a closed monetary system, it will have limited global repercussions. For a truly efficient benchmark, the market has to be as unimpeded and unfettered as possible," he said by phone Monday. ...
... For the remainder of the report:
http://www.bloomberg.com/news/articles/2016-04-19/china-starts-gold-fixi...
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