60 countries invest in Chinese fund to facilitate central bank gold purchases

Section:

China Sets Up Largest Gold Fund

From Xinhua News Agency, Beijing
Saturday, May 23, 2015

XI'AN, China -- A gold-sector fund involving countries along the ancient Silk Road has been set up in northwest China's Xi'an City during an ongoing forum on investment and trade this weekend.

The fund, led by the Shanghai Gold Exchange, is expected to raise an estimated 100 billion yuan (U.S. $16.1 billion) in three phases.

China is the world's largest gold producer and a major importer and consumer of gold. Among the 65 countries along the routes of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, there are numerous Asian countries identified as important reserve bases and consumers of gold.

About 60 countries have invested in the fund, which will in turn facilitate gold purchases for the central banks of member states to increase their holdings of the precious metal, according to the SGE. ...

... For the remainder of the report:

http://news.xinhuanet.com/english/2015-05/23/c_134264324.htm



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