SHANGHAI, June 25 The Shanghai Gold Exchange
will launch a yuan-denominated gold fix by the end of the year,
a bourse official said on Thursday, in a move aimed at giving
China more influence over the pricing of the precious metal.
"We will be introducing a renminbi-denominated fix at the
right moment, we are hoping to introduce by the end of the
year," Shen Gang, vice president of the Shanghai Gold Exchange
said at the LBMA Bullion Market Forum in Shanghai.
The yuan fix will be complementary to the current global
benchmark, the century-old London gold fix, she said.
"The aim is to provide a more diversified benchmark pricing
to the industry," Shen said.
Shen's comments were the first official confirmation of
SGE's plans for the fix. Reuters had reported in February citing
sources that China was planning to launch the yuan gold fix
through state-run SGE, the world's biggest physical bullion
(Reporting by A. Ananthalakshmi; Editing by Himani Sarkar)