China widens access to its gold market
It aims to influence price of bullion globally and expand use of renminbi
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Beijing
CHINA has opened more of its gold market to Hong Kong investors, the latest step in its campaign to influence the price of bullion globally and expand the use of the yuan beyond its borders.
Members of the Hong Kong-based Chinese Gold & Silver Exchange Society can now use offshore yuan to trade the precious metal on the Shanghai Gold Exchange. Bullion of 99.99 per cent purity on the bourse fell 0.3 per cent to 231.91 yuan (S$50.35) a gram on Thursday.
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