China readies to launch yuan gold fix before year-end

25-Jun (MINING.com) — China, the world’s top gold producer and one of the biggest consumers, is in talks with the Chicago Mercantile Exchange Group to set a deal that would see the Shanghai Gold Exchange (SGE) and CME listing each other’s contracts on their respective exchanges.

The move comes as China readies to launch its own yuan-based bullion fix later this year via the SGE, the world’s biggest physical gold exchange, according to Shen Gang, vice president of the SGE, as reported by Bloomberg.

…The goal for China is to boost its influence in global commodities and currency markets while trying to make the yuan a viable competitor to the U.S. dollar.

[source]