China's big four banks, StanChart, ANZ to join yuan gold benchmark
By GCRU Gold News on Wednesday, April 13 2016, 23:25 - Permalink
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 towards becoming a price-setter for the metal.
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 benchmark price, to be quoted in yuan per gram, will be set twice a day based on a few minutes of trading in each session.