China targets counterweight in gold trade with yuan fix

Section:

By A. Ananthalakshmi and Jan Harvey
Reuters
Wednesday, July 1, 2015

A decade after China kicked off a series of gold market reforms, plans to establish a yuan price fix mark one of Beijing's biggest step so far to capitalise on the country's position as the world's top producer and a leading consumer.

While no immediate threat to the gold pricing dominance of London and New York, the benchmark could ultimately give Asia more power over bullion trade, particularly if the yuan becomes fully convertible, industry sources say.

The yuan fix is due to launch by the end of 2015 via the Shanghai Gold Exchange, which last year allowed foreign players to trade gold using offshore yuan.

"Across the commodity markets as a whole, we're seeing some very significant initiatives by the Chinese authorities," said Nic Brown, head of commodities research at Natixis. ...

... For the remainder of the report:

http://www.reuters.com/article/2015/07/01/china-gold-fix-idUSL3N0ZH03O20...



ADVERTISEMENT

Buy precious metals free of value-added tax throughout Europe

Europe Silver Bullion is a fast-growing dealer sourcing its products from renowned mints, refiners, and distributors. Because of a legal loophole that will close soon, you can acquire the world's most popular bullion coins free of value-added tax throughout the European Union. You can collect your order in person at our headquarters in Tallinn, Estonia, or have it delivered in any of the 28 EU countries.

Europe Silver Bullion is owned and operated by North American and European experts in selling, storing, and transporting precious metals. We have an extensive product inventory of silver, gold, platinum, and palladium, and our network spans the world.

Visit us at www.europesilverbullion.com.



Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

http://noic2015.eventbrite.com/?aff=gata

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

https://jeffersoncompanies.com/landing/2014-av-powell

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16