国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Markets

More Chinese banks to take part in setting the global gold price

By WU YIYAO (China Daily) Updated: 2015-03-03 08:21

More Chinese banks to take part in setting the global gold price

Gold bars marking the 2015 Sheep Lunar New Year, which are issued by China Gold Coin Inc. [Photo/Xinhua]

A new electronic daily gold pricing mechanism, set to launch on March 20, will include more participants in setting the benchmark price of the precious metal, including Chinese banks such as Industrial and Commercial Bank of China Ltd.

The Intercontinental Exchange and the London Bullion Market Association will replace the current private telephone conference between a group of just four banks, the remnants of a system that has existed since 1919.

But from March 20, the gold benchmark will be set via an electronic platform managed by ICE Benchmark Administration.

The LBMA hopes the new pricing mechanism will increase the number of participants in the gold market. Bank of China Ltd, China Construction Bank Corp and ICBC are already members.

ICBC confirmed it had already laid the foundations for its participation in a press release on Monday.

"ICBC has become the world's largest gold retail bank and has a significant number of clients in China," the release said.

Ruth Crowell, LBMA's chief executive, said she was encouraged by the high level of interest by more participants in the March launch.

Once it makes the switch, all four precious metals-gold, silver, platinum and palladium-will have made the move to the electronic platform.

Although it is still unclear how many will participate in the new system, according to a recent report by Reuters, about 11 institutions will be included.

Market insiders and analysts said that with more participants the mechanism is likely to become more transparent and better serve global gold market players, from mining corporations to end users.

"The new mechanism is an open platform which enables interested participants to join in and reflect their views," said Albert Cheng, managing director for the Far East at the World Gold Council.

In the past, Chinese participants including banks, mining companies and traders could also participate in setting the benchmark price in an indirect way through market maker banks, said Cheng.

"If Chinese banks choose to join in the new mechanism, then as a result Chinese clients will have a more direct say in future pricing of the precious metal."

Jiang Xueqing in Beijing contributed to this story.

Hot Topics

Editor's Picks
...
长治市| 柏乡县| 衢州市| 阆中市| 兴和县| 平潭县| 平度市| 宁化县| 新干县| 十堰市| 平度市| 宁津县| 光山县| 修水县| 明光市| 白城市| 甘南县| 和林格尔县| 东方市| 孝昌县| 浦城县| 多伦县| 前郭尔| 贡觉县| 九龙坡区| 遵义县| 石门县| 长岛县| 嘉定区| 黄骅市| 岗巴县| 卢氏县| 台州市| 共和县| 广东省| 讷河市| 马龙县| 大田县| 阿坝| 张家界市| 文成县|