China Launches its Own Gold Fix

Bloomberg reported that China has launched its own gold fix in a bit to increase its influence on the market.
As quoted in the publication:

The Shanghai Gold Exchange set the price at 256.92 yuan a gram ($1,233.85 an ounce) at the 10:30 a.m. session after members of the exchange submitted buy and sell orders for metal of 99.99 percent purity. Members include Chinese banks, jewelers, miners and the local units of Standard Chartered Plc and Australia & New Zealand Banking Group Ltd., according to the bourse.
China has overtaken India as the largest consumer as rising incomes and surging economic growth boosted purchases of jewelry, bars and coins. The central bank has also been adding to its bullion holdings in a move to diversify its foreign-exchange reserves. The country’s plans to develop a benchmark to rival the twice-daily London auction may be hampered by capital controls.

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