www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Economy

London gold fix gets a Chinese touch

By Zhang Chunyan (China Daily) Updated: 2015-06-18 09:58

London gold fix gets a Chinese touch

Customers waiting for banking transactions at a Bank of China Ltd branch in Guangzhou, Guangdong province. The lender has become the first Asian bank to join the auction process that sets gold prices in the London market. [Photo/China Daily]

The presence of a Chinese bank in the global gold pricing system will strengthen the nation's ties with the global bullion market and increase transparency, experts said on Wednesday.

Earlier on Tuesday, Bank of China Ltd became the first Asian lender to be a part of the auction process that sets gold prices on the London market, according to the London Bullion Market Association.

The bank, along with seven other lenders, will start participating in the twice-daily electronic auction, it said.

The move was not surprising, considering that there were reports earlier in the year that Chinese banks would be a part of the gold auction process.

At that time, Ruth Crowell, chief executive of the London Bullion Market Association, said that a new fix will help create a more diverse pool of participants, which includes Chinese banks.

While China is the world's largest bullion buyer, it has never played a direct role in determining London gold prices till now. Gold prices in China are normally fixed through trading on the Shanghai Gold Exchange.

The London gold market is considered as the global gold pricing center. Its gold prices are widely used in settlements between producers, consumers and financial institutions and is an important pricing benchmark for gold derivatives contracts.

A new electronic auction went live in March as a more transparent alternative to the century-old London Gold Fix. Under the old system, which was introduced in 1919, banks simply called each other on the telephone to set the price on a daily basis.

Barclays Plc, HSBC Holdings Plc, Bank of Nova Scotia and Societe Generale SA were the initial members of the London Gold Fix. In March, the pool was expanded to include Goldman Sachs Group Inc, UBS AG and JP Morgan Chase & Co, but contrary to expectations, no Chinese lender was included.

With the entry of the Chinese lender, the auction process is expected to better reflect the gold supply and demand trends from the Chinese market.

China and India are the largest consumers of gold globally. The two countries account for more than 50 percent of the global demand. China is also the world's biggest importer of the yellow metal and consumes more than three times the amount of gold it produces.

With its new role in the gold pricing system, the Chinese bullion market is set to take on a more international hue.

The Bank of China's decision to join the gold pricing process has been widely welcomed by bullion market participants, who expect it to boost trading volumes.

What is more, a larger and more diverse pool of participants in the pricing system will help maintain transparency of the system.

In the absence of transparency, gold prices can be rigged to benefit banks at the expense of producers, traders, investors, jewelry producers and other market participants. It is expected that more firms may join the auction process soon.

Crowell is expected to attend next week's LBMA Bullion Market Forum in Shanghai and use the occasion to encourage more cooperation between China and the world gold market.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 中文字幕中文字幕中中文 | 亚洲国产成人精品一区二区三区 | 99久久99久久精品免费看子 | 免费一级毛片免费播放 | 成人国产亚洲欧美成人综合网 | 看中国毛片 | 久久99亚洲精品久久 | 亚洲精品久久一区二区无卡 | 成人二区 | 国产情侣久久精品 | 亚洲精品一区二区中文 | 成人自拍在线 | 夜夜操夜夜爽 | 男操女视频 | 免费一级α片在线观看 | 欧美视频一区二区在线观看 | 欧美亚洲一区二区三区四 | 热re91久久精品国产91热 | 成年人免费大片 | 久久高清一区二区三区 | 中文三级视频 | 国产成人香蕉久久久久 | 色综合精品久久久久久久 | 欧美毛片日韩一级在线 | 一区二区三区国产 | 欧美精品高清 | 久久久久欧美精品观看 | 亚洲欧美中文日韩在线v日本 | 国产成人久久精品二区三区 | 欧美一级第一免费高清 | 欧美高清在线精品一区 | 免费播放国产性色生活片 | 国产亚洲欧美久久精品 | 久久国产精品自线拍免费 | 久久久久国产精品免费免费 | 亚洲小视频在线播放 | 国产成人亚洲综合欧美一部 | 日本一级大毛片a一 | 夜夜躁狠狠躁日日躁2021 | 欧美精品片 | 国产日本三级 |