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gungadin

2,055 Posts.

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19/04/16

19:52

Post #: 17547327
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Originally posted by gungadin ↑

China on the move,

UPDATE 1-China launches yuan gold fix to boost power in global bullion market

19/04/16 16:50

Top consumer China launched a yuan-denominated gold benchmark on Tuesday, as the country took an ambitious step to exert more control over the pricing of the metal and boost its 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 in a bid 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 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 new benchmark may not be an immediate threat to London, but with time and full convertibility of the yuan it could become widely used and help China's efforts to boost the global use of its currency.

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Hardly a surprise, fancy relying on a fair call from Barclay's, Deutsche. The Chinese are much smarter than that, ..... and have more skin in the game
6 Upvote

0 Great analysis

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