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China announced on July 1st that the Standing Committee of the National People’s Congress officially ratified the agreement signed in Brazil last year to launch the New Development Bank for the BRICS nations. The bank’s Board of Governors are scheduled … Continue reading →
“China has set up its largest gold-investment fund ever, expected to total 100 billion yuan ($16 billion), aiming to invest in mining projects in the region and enhance Chinese influence in global gold markets, local media reports said Wednesday.”
The establishment of a China-based gold fix for the yuan also marginally undermines the dollar as the global benchmark currency, says Jan Dehn, an economist with the Ashmore Group in London, a $70 billion asset management firm.
(Reuters) – China conducted trial runs for the planned launch of a yuan-denominated gold fix last month, three sources familiar with the matter said, in a sign the world’s second-biggest bullion consumer was moving closer to creating a benchmark price.