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http://www.theaustralian.com.au/business/latest/anz-approached-for-china-gold-hub/story-e6frg90f-1226932685518

ANZ approached for China gold hub
STAFF REPORTER MAY 27, 2014 9:15AM
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China has reportedly invited foreign banks and gold producers to take part in a global gold exchange in Shanghai, according to Reuters.

China's central bank last week gave the Shanghai Gold Exchange (SGE) approval to launch a global trading platform in Shanghai's pilot free trade zone in a move that could challenge the dominance of New York and London in gold trade and pricing.

Australia and New Zealand Banking Group, HSBC, Standard Bank, Standard Chartered and Bank of Nova Scotia have been approached by the state-backed SGE, Reuters reports.

"China wants to have more voice in gold prices," Jiang Shu, an analyst with Industrial Bank, one of 12 banks allowed to import gold into China, said according to Reuters.

"The international exchange is the first step towards gaining a say in gold pricing."