Bank of China joins auction setting gold prices in London

Section:

By Eddie van der Walt
Bloomberg News
Tuesday, June 16, 2015

Bank of China Ltd. will become the first Chinese bank to join the auction process that sets gold prices in the London market.

The bank, along with seven other lenders, will start participating in the twice-daily electronic auction, according to a statement from the London Bullion Market Association on Tuesday. While China is the world's largest bullion buyer, it has never directly played a role in determining London gold prices.

The addition of a Chinese bank is another sign that China is increasing its influence in gold and currency markets worldwide as the country seeks to make the yuan a viable competitor to the dollar. The Bank of China's part in the gold auction shows the nation is stepping into the global market, the lender wrote in a press release today. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-06-16/bank-of-china-to-parti...



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