China tests yuan gold fix process
Major Chinese banks, some foreign banks involved in trial as China plans to launch gold fix this year
Singapore
CHINA conducted trial runs for the planned launch of a yuan-denominated gold fix last month, three sources familiar with the matter said, in a sign that the world's second-biggest bullion consumer was moving closer to creating a benchmark price.
The state-run Shanghai Gold Exchange (SGE), on whose international platform the fix will be launched, conducted the trial with major Chinese banks and a few foreign banks, the sources said this week. The SGE could not be immediately reached for comment.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Coffee variety is priciest since 1970s in blow to instant brews
Gold dips as US dollar edges higher, investors seek more Fed cues
Saudi Arabia posts budget deficit of US$3.3 billion in first quarter
Saudi Arabia hikes oil selling prices for all grades to Asia
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase