The Phaserl


China One Step Closer to Becoming World’s Gold Hub

from Gold Core:

Chinese ambitions to become the world’s leading gold trading hub and international financial hub have taken another step forward.

Trials were quietly conducted to launch a yuan-backed gold pricing benchmark last month, according to Reuters today.

China, the world’s largest gold producer and buyer, feels its market weight should entitle it to be a price setter for gold bullion. It is asserting itself at a time when the established benchmark, the century old London ‘gold fix’, is under scrutiny because of long-running allegations of price manipulation.

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