China offers a new "gold standard" in RMB - 20 April 2016 - free no deposit forex bonus
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China offers a new "gold standard" in RMB
 
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According to the COT report on Friday last week, hedge funds continued to increase long positions on gold. Speculative positions on the precious metal rose to 213,807 contracts. This interest on the part of speculators was at the height of the gold rally 2010-2011. Now active open long positions in the precious metal are just at the same level.

 

 

Against the background of growing interest on the part of hedge funds in the gold futures Shanghai Gold Exchange (Shanghai Gold Exchange), one of the largest markets of precious metals on Tuesday launched its own gold benchmark , which is a gold ingot 999.99 sample weighing one kilogram, evaluated at RMB Start of trading, which was attended by Bank of China, the national representatives of the jewelry and gold industry, the British multinational Standard Chartered PLC and the largest Australian bank the ANZ, began the morning with a mark of 256.92 yuan per gram of gold ($ 1 233.85 per ounce). Auctions are held twice a day at 10:15 and 14:15 local time.


China is the largest producer and consumer of the yellow metal. According to the China Association of gold (China Gold Association, CGA), demand and production in China up 985.9 and 450.05 tonnes respectively.Running the benchmark is designed to adequately reflect the supply and demand in the domestic gold market, which will facilitate the calculations between producers and consumers in China, but it is now clear that this move could have a major impact on the world gold market and the currency in general.

 

gold Trading in yuan could help China's national currency to gain a foothold as a global reserve currency and to abandon the dollar dependence. However, to become the new world standard, China needs to oust his rival - London - and to prove that the price formation mechanism is transparent and not subject to manipulation for the benefit of some of the bidders or the state. This case is not one day, a week or even a year.


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