by A. Ananthalakshmi
Reuters.com
Top Chinese banks and gold miners, along with the world’s biggest jewellery retailer, will be among 18 members taking part in Beijing’s new yuan-denominated gold benchmark, a source familiar with the matter said.
Two foreign banks will also join the benchmark-setting process, when it launches on April 19, marking China’s biggest step to become a price-setter for gold.
As the world’s top producer, importer and consumer of gold, China has baulked at having to depend on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold.