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

Shanghai launches yuan gold fix

By Wu Yiyao in Shanghai (China Daily) Updated: 2016-04-20 08:55

Shanghai launches yuan gold fix

A customer chooses gold jewelry at a store in Beijing. CAO BOYUAN / FOR CHINA DAILY

New measure could help China gain more pricing power in the global bullion market

The Shanghai Gold Exchange, the world's largest physical gold bourse, on Tuesday launched a yuan-denominated gold benchmark.

The Shanghai Gold Benchmark Price could help China gain a pricing power that matches its position as the world's top producer, importer and consumer of the precious metal.

The benchmark price will be derived from a 1-kilogram contract for gold ingots with a fineness of no lower than 999.9, traded by 18 participants on the exchange. The price will be quoted in the yuan per gram and settled via the SGE platform, according to the official website.

The price will be set twice a day based on a few minutes of trading in each session.

The London benchmark, Loco London Gold, quoted in US dollars per ounce of gold with a minimum fineness of 995, is set via a twice-daily auction on an electronic platform with 12 participants.

The bullion industry has long been dominated by London where the global spot benchmark price is currently set.

"The relationship between Shanghai Gold and Loco London Gold is non-competitive while the two complement and facilitate each other and share mutual benefits," said a whitepaper issued by the SGE.

Market players said that the new benchmark will influence both domestic and international financial markets.

"The Shanghai Gold Benchmark Price will act as a price foundation for domestic gold enterprises in both national and international business," said a research note from the China Gold Association.

"It will provide advantages to domestic gold enterprises from the aspects of raw materials, gold semi-manufactured products, various kind of gold product transactions, the import and export activities, and the negotiation and contract signing of gold investment projects," it added.

Aram Shishmanian, CEO of the World Gold Council, said the launch of the new benchmark represents another milestone both in the impressive development of the exchange and in the internationalization of China's gold industry.

"It is a steppingstone to a new multi-axis trading market consisting of London, New York and Shanghai and signals the continuing shift in demand from West to East," said Shishmanian.

"The World Gold Council continues to support the development of China's gold market, and as the market expands to reflect the growing interest in gold by Chinese consumers, so too will China's influence increase on the global gold market."

Experts said there is a strong rationale for an international effort to shift the price setting to China as it will be responsible for a large share of future growth in world gold consumption.

Commercial banks said they can take advantage in wide participation, transparent mechanism and delivery versus payment settlement of the benchmark.

Hot Topics

Editor's Picks
...
中牟县| 古交市| 抚顺市| 富裕县| 大港区| 军事| 永平县| 长顺县| 望城县| 牡丹江市| 哈尔滨市| 宜兰县| 北碚区| 嘉善县| 陵水| 资阳市| 青阳县| 北京市| 米林县| 禄丰县| 安仁县| 长兴县| 尉犁县| 德庆县| 嘉兴市| 柏乡县| 陇川县| 漳州市| 区。| 长子县| 阳春市| 庆安县| 永胜县| 沁源县| 奉新县| 南溪县| 阿瓦提县| 同江市| 郑州市| 连平县| 赤水市|