Off the wire
• Cuban Communist Party updates five-year reform program  • China remains world's largest trademark holder  • Unknown gunmen kill 7 in southern Somalia  • Weather forecast for major Chinese cities, regions -- April 19  • Weather forecast for world cities -- April 19  • China, Vietnam start joint fishery patrol  • China urges Japan not to quote Diaoyu Islands documents out of context  • Protesters ransack security installations at Kidal airport in northern Mali  • At least 8 killed as landslide hits Burkina Faso artisanal mining site  • Foreign exchange rates in Singapore  
You are here: 　 Home

China launches yuan-denominated gold benchmark in Shanghai

Xinhua, April 19, 2016 Adjust font size:

China launched its yuan-denominated gold benchmark on Tuesday in Shanghai as it seeks to secure more sway in the pricing of the precious metal.

The Shanghai Gold Benchmark Price (code: SHAU), is the quote for trading of 1kg, 99.99 percent purity bullion, denominated in the Chinese yuan and derived from multiple rounds of trading.

The benchmark was set at 257.97 yuan per gram on Tuesday, the Shanghai Gold Exchange (SGE) said in a statement.

The benchmark also lays the foundation for shifting bullion trading in Shanghai from mostly spot to derivatives to increase the appeal of yuan-denominated bullion trading as financial instruments for both domestic and global investors.

SGE Chairman Jiao Jinpu said the launch of the benchmark offers the opportunity to develop bullion trading in China's financial markets and encourage more participation by global investors.

Standard Chartered Bank (China) Ltd. and ANZ Bank (China) Ltd. are among 12 fixing members for the benchmark trading. The other ten members are domestic banks.

The trading margin is set at 6 percent and transaction fees are exempted until June 30 this year. Endi