A Chinese bank will join the group of western banks that help set the price of gold in London, giving the world’s biggest consumer of the precious metal a greater say in the process.
State-owned Bank of China’s participation in the twice daily auction, which miners and consumers use as a benchmark, will make the international price better reflect supply and demand in China, the world’s largest consumer of gold, the bank said.
“Although being the world’s largest gold producer and consumer, China has never played a major role in the global gold fixing,” Yu Sun, general manager of Bank of China’s London branch, said.
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