China, Singapore boost gold pricing campaign in push for Asia

Section:

By Manolo Serapio Jr and Koustav Samanta
Reuters
Monday, October 17, 2016

SINGAPORE -- China is marketing its yuan gold price to foreign exchanges and Singapore is looking at bringing London's gold benchmark to users in Asia, in moves meant to boost the region's exposure and influence in the global bullion market. ...

Shanghai Gold Exchange, the world's biggest physical bullion exchange, will collaborate with foreign exchanges and allow them to use its yuan-denominated gold price in developing derivatives products, Chairman Jiao Jinpu told an industry conference. ...

...dispatch continues below ...



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The latest move is an aggressive step by China -- the world's top consumer, producer, and importer of gold -- to market its pricing mechanism and aims for a bigger say in an industry long dominated by the London spot price.

"We would collaborate with various exchanges and authorise these external exchanges to start business outside China to use it as a basis for development of derivatives products," Jiao told an industry conference through an interpreter.

Shanghai's first deal will be signed with the Dubai Gold & Commodities Exchange next week, Jiao told reporters, adding that he expects more cooperation ahead. ...

... For the remainder of the report:

http://www.reuters.com/article/gold-asia-idUSL4N1CN3DW

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