China launches renminbi-denominated gold benchmark
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
truthingold.com / April 20, 2016 at 09:12
China has launched a gold price benchmark to compete with London’s almost century-old process as the country seeks to have a greater influence over pricing of the precious metal.
The world’s largest gold consumer began a twice-daily auction on the Shanghai Gold Exchange on Tuesday. The renminbi-denominated Shanghai Gold Benchmark Price involved 18 banks, including international banks Standard Chartered Bank and Australia and New Zealand Banking Group.
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.
Last year the London price moved to an electronic auction system, after critiMcs charged the “fix” was opaque and vulnerable to market abuse. In 2014 the Financial Conduct Authority found that a Barclays trader had manipulated the London gold fix and the British bank was fined £26m.
The post China launches renminbi-denominated gold benchmark appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/04/25/china-launches-renminbi-denominated-gold-benchmark/
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