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Bank of China joins London's gold price setting system

Participation in gold auction will increase link between China and global markets, it says

Published Wed, Jun 17, 2015 · 09:50 PM

London

A CHINESE bank will help set prices in London's US$20 billion gold market for the first time ever as the nation strengthens its influence in the world's financial system.

Bank of China will join lenders including Goldman Sachs Group and Barclays plc that run the twice-daily auction system for pricing gold, according to a statement from the London Bullion Market Association on Tuesday.

The process, which da…

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