China is said to have allowed three more banks, including a
foreign lender, to import gold, sources with direct knowledge of
the matter told
Reuters. The move comes as the world’s top gold buyer
gears up for its strongest effort yet to gain pricing power of the
metal.
This brings the number of firms allowed to import gold into
China to 15, and comes ahead of the launch in September of a new
international bullion exchange in Shanghai, with which China hopes
to become a price-discovery center.
China and other Asian gold trading centers such as Singapore are
calling for more localized pricing of the precious metal as they
seek alternatives to the so-called London fix, the global benchmark
for spot gold prices, which is under investigation by regulators on
suspicion that it may have been manipulated.
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Shanghai launches international bullion exchg in Sept to bypass london fix
Posted by steve101 on 29th of Aug 2014 at 09:58 pm
China Allows 3 More Banks to Import Gold, Sources Say ( Reuters)
China is said to have allowed three more banks, including a foreign lender, to import gold, sources with direct knowledge of the matter told Reuters. The move comes as the world’s top gold buyer gears up for its strongest effort yet to gain pricing power of the metal.
This brings the number of firms allowed to import gold into China to 15, and comes ahead of the launch in September of a new international bullion exchange in Shanghai, with which China hopes to become a price-discovery center.
China and other Asian gold trading centers such as Singapore are calling for more localized pricing of the precious metal as they seek alternatives to the so-called London fix, the global benchmark for spot gold prices, which is under investigation by regulators on suspicion that it may have been manipulated.