China said to delay launch of yuan gold benchmark to April

Section:

From Reuters
via The Times of India, Mumbai
Thursday, December 10, 2015

SINGAPORE -- China has delayed the launch of its yuan-denominated gold benchmark on the Shanghai Gold Exchange to next year, two sources familiar with the matter said.

The yuan price fix would mark one of China's biggest steps so far towards capitalizing on its position as the world's top producer and consumer of gold. State-run SGE had initially planned to launch the benchmark by the end of this year but it will now be launched in April.

The reason for the delay was not immediately clear. The exchange was without a chairman for nearly six months before it named a central bank official as the head of the bourse in late October.

"It will start in April with Chinese banks and some foreign banks," said a source with a local bank that imports gold. "Jewellers, miners, and banks could use this price as a benchmark." ...

... For the remainder of the report:

http://economictimes.indiatimes.com/news/economy/policy/china-to-launch-...



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