Standard Chartered, ANZ to Be Among Price Setters on Shanghai Gold Exchange
13 April 2016 - 10:26PM
Dow Jones News
SHANGHAI--Standard Chartered PLC (2888.HK) and Australia &
New Zealand Banking Group Ltd. (ANZ.AU) will be among 18 price
setters for China's new yuan-denominated gold benchmark as the
country aims to expand its exchange's role in the global
market.
China's four largest state-owned banks--Industrial &
Commercial Bank of China Ltd. (1398.HK), Agricultural Bank of China
Ltd. (1288.HK), Bank of China Ltd. (3988.HK) and China Construction
Bank Corp. (0939.HK)--are also among the 12 member banks that will
help determine pricing for the precious metal, according to a
statement released Wednesday on the website of the Shanghai Gold
Exchange. The benchmarking system is scheduled to launch this
month.
Shanghai Pudong Development Bank Co. (60000.SH), China Minsheng
Banking Corp. (1988.HK) and Bank of Communications Co. (3328.HK)
will also participate in the price-setting process. Other members
include jewelry retailers Chow Tai Fook Jewellery Group Ltd.
(1929.HK) and Lao Feng Xiang Co. (600612.SH), as well as Swiss
trading firm MKS and Shandong Gold Group, according to the
statement.
China is the world's top producer and consumer of gold. The
exchange benchmarking system is aimed at encouraging foreign
participation in the nation's tightly controlled market. China sees
itself as lacking sufficient clout in global pricing platforms.
--Yifan Xie
(END) Dow Jones Newswires
April 13, 2016 08:11 ET (12:11 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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