Chinese gold fix launch planned for this year, sources say

Beijing-China (Mar 3)  A Chinese gold fix is planned to launch this year on the state-run Shanghai Gold Exchange, Reuters reported, citing unnamed sources. The yuan-denominated benchmark would be derived from a new 1kg contract, according to a senior source directly involved in the process, the success of which would add to the pressure on London's gold fix--under scrutiny due to alleged price manipulation--and grant China, top global producer of the metal and second-biggest bullion consumer, the greater price-setting power for bullion to which it feels entitled on account of its prodigious market weight.

Souce: ChinaEconomicReview