China has made another move in its strategy to assert its weight in the gold market. China’s ICBC Standard Bank has agreed to buy Barclays’ London precious metals vaulting business.

In April, People’s Bank of China said it would begin setting a benchmark for the price of gold twice a day in yuan or renminbi. The Chinese are the world’s largest producer, importer and consumer of gold, yet the prices are set in London and quoted in dollars. The prices have been set in London not only for decades, but centuries.

“Their strategy is really more about having a local official renminbi price,” said Will Rhind, chief executive officer of the World Gold Council. “There is concern about trade moving out of London, but this actually increases the awareness and value and importance of gold in the world.”