China to launch yuan gold fix in 2015
By Adam Pike, News Editor
25 Jun 2015
The Shanghai Gold Exchange have announced they will launch an alternative to the century old London gold fix later this year.
Globally China buys more gold than any other country and as their influence grows its natural they would want more control over the pricing mechanism for the yellow metal.
The official line from Shanghai Gold Exchange President is the new fix will provide a more diversified pricing benchmark. Many gold analysts believe the new yuan denominated benchmark is just one step in China’s long term plan to eventually launch a gold backed currency.