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Government-owned Chinese bank joins London gold price auction

Section: Daily Dispatches

The government of China is owns a majority of shares in China Construction Bank. Presumably the Chinese government now will be able to affect the London gold benchmark price directly, without having to act through Western intermediaries that can front-run Chinese buy and sell orders.

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China Construction Bank Joins London Gold Price Auction

By Jan Harvey
Thursday, October 22, 2015

China Construction Bank will join the twice-daily electronic auction process to set the benchmark price of gold, its operator Intercontinental Exchange said in a statement on Thursday.

CCB on Wednesday confirmed it would be the second Chinese company to gain access to the 138-year old London Metal Exchange's trading floor with the acquisition of a majority stake in UK metals trading firm Metdist Trading Ltd.

The gold auction, which takes place each day at 10:30 and 15"00 London time, sets the London Bullion Market Association Gold Price, a benchmark used by producers, traders and end-users globally in contracts and transactions. ...

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