China Global Financial Influence Surge with the Launch of Yuan-Denominated Gold Price-Fixing
China global financial influence surge as the yuan-denominated Gold price-fixing was launched on Shanghai Gold Exchange, 19th April 2016 . The price will be set twice a day with the benchmark price deriving from a 1 kg-contract. The first fixing was set at 256.92 yuan.
“ The Shanghai benchmark won’t have an immediate impact on global pricing benchmarks in London and New York, but a fully convertible Chinese yuan would eventually help the world’s second-largest economy gain pricing power on the bullion industry “
~ South China Morning Post
“ The launch could eventually reduce the influence of the London gold price, which started in 1919 when bankers at NM Rothschild & Sons in London sat down to calculate a fair price for gold. That became the global gold benchmark, used by miners, central banks, jewellers and the financial industry to trade gold bars “
~ Financial Times
18 Major Financial Institutions members have joined the benchmark fixing. On the ceremony, SGE announced the list of 12 Fixing Members and 6 Reference Price Members, along with 18 international consultants.
The Shanghai Gold Benchmark Price Launching Ceremony | 19th April 2016
About Shanghai Gold Exchange:
Officially starting operation on October 30, 2002, the Shanghai Gold Exchange (the “SGE”) is a membership-based and self-regulatory legal entity established by the People’s Bank of China (the “PBC”) upon the approval of the State Council and registered with the State Administration for Industry and Commerce. Regarding facilitating market development as its top priority, the SGE organizes the trading of gold, silver, platinum and other precious metals and provides relevant services for members and investors in a cost-efficient manner by adhering to the principles of integrity, equitableness, justice and transparency. The SGE is subject to supervision and regulation by the PBC pursuant to law.
Visit: Shanghai Gold Exchange
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