Should be interesting given how hard Chinese investors swing.

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277 Posts.

07/04/16

22:48

Post #: 17451174
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Originally posted by 23skidoo ↑

"China Warns Foreign Banks: Participate in the Chinese Yuan Based Gold Price Fix… or Else.
Foreign banks that traditionally support the London and New York dollar denominated gold price fixes may lose Chinese gold import rights if they do not support the soon to be launched Chinese Yuan gold price fix.
Chinese Yuan gold price fix anticipated to give China greater pricing power over gold.
Last June year, China announced that it would be establishing a Yuan-denominated gold price fix. The announcement was just one of many of China’s de-dollarization initiatives.At least fifteen Chinese banks are slated to participate in the Yuan based gold fix and China wants foreign bank participation.

China is warning the large foreign bullion banks that they may lose their gold import quotas into China if they do not participate in the Yuan based price fix scheduled to go live in April. Gold imports to China is big business as gold moves west to east. Click here for background on gold’s journey from west to east.

China’s Rising Gold Power

China has become the world’s largest gold importer, consumer and producer of gold. ItsShanghai Gold Exchange averages over 50 tonnes of gold withdrawals per week and has reached over 2,500 tonnes per annum, dwarfing deliveries on the U.S. COMEX exchange by a factor of nearly sixty to one. Now China wants to play a greater role in helping to set the price of gold."

More ot this at investmentwatchblog.com

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Should be interesting given how hard Chinese investors swing.
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Add GOLD (COMEX) to my watchlist

Should be interesting given how hard Chinese investors swing.

Top Stories

Perpetual sniffs TREOs beyond 4000ppm at Raptor play in Brazil

Opyl forms JV with UK and US consortium to bring products to the world

Geochemical work at Newington picks up gold and copper anomalies for Midas

Quarterly & half yearly reports: Drives Newmont up, Ampol flat, while Fortescue plunges 2.6%

Acquisitions roundup: European Lithium, Diatreme Resources and SRJ Technologies

NYSE-listed Alcoa Corp joins ASX through key JV acquisition

Hexima shares rise 66% on proposed acquisition of AI player Real Thing Entertainment

Bellevue aims for 45% production increase by FY 2028, announces $150M placement

Capital raisings wrap: Brainchip, Ovanti, Lake and VHM

Tissue Repairs soars nearly 32% on TGA approval for wound healing gel

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