When China chose to extend the period for when they would begin implementation of a new gold pricing mechanism back in December, the tentative expectations were that it would occur sometime in April of 2016. Now on Feb. 25, a number of sources are saying that April 19 is the day that this will finally take place, and that a new gold price will be fixed not in dollar denominations, but in the Yuan currency.
China has been preparing for a competitive gold price fix for more than a year, ever since they opened the Shanghai Gold Exchange to function as the world's largest physical gold market. And since every indication shows that inventories in both London and the U.S. Comex are pretty much empty, it should not be long before China usurps complete control over physical gold pricing, and wrests hegemony from the West after more than 100 years.
China plans to launch its new yuan-denominated gold pricing fix on April 19 this year, sources familiar with the matter said on Thursday.
The launch date has been officially settled and draft trading rules have been sent out to those banks that will be involved in the Shanghai fixing, FastMarkets understands.
The banks that will participate in the planned launch are predominently Chinese but FastMarkets understands that foreign banks could also be involved, according to sources.
It is likely that the 10 banks that are official market makers in the system set up by the SGE in January to facilitate interbank gold trading will participate in the yuan-denominated fixing, one source said.
Most Chinese banks in the list of ‘official’ market makers probably will be involved in the fix, the source noted, alongside one foreign bank. – Bullion Desk
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