China banks to participate in London gold price fix

SpacePete · Jun 25, 2015

China's ICBC says keen to join London gold price benchmark

* China looking for more influence on global commodity pricing

* ICBC is world's largest bank by assets

* Bank of China recently joined London benchmark (Adds comment, detail)

SHANGHAI, June 25 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC), the world's largest bank by assets, said it was interested in participating in the twice-daily London gold price benchmarking process

ICBC is very keen on participating," Zhou Ming, general manager in the bank's precious metals department said at an industry event in Shanghai, adding that the London price should have more Asian participation.

The comment comes after the London Bullion Market Association said last week that Bank of China would become the first Chinese bank to participate in the electronic platform that sets the benchmark.

As the world's top producer and leading consumer of bullion, China has been seeking more say in the pricing of the precious metal and other commodities.

The Shanghai Gold Exchange said on Thursday that it would launch a yuan-denominated gold fix by year-end.

Zhou said on Thursday that ICBC was working on opportunities to participate in the global gold market.

http://www.reuters.com/article/2015/06/25/china-gold-icbc-idUSL3N0ZB20620150625
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willrocks · Jun 25, 2015

A price fix is needed for gold and silver. The prices are obviously broken.

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China banks to participate in London gold price fix

SpacePete Well-Known Member Silver Stacker

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China banks to participate in London gold price fix

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