ICBC Considers London Gold Fix as Shanghai Preps Yuan Price
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Industrial & Commercial Bank of China Ltd. became the latest Chinese bank to consider joining the auction process that sets gold prices in London as a yuan-based fix is on track to start in Shanghai this year.
ICBC is looking at either joining the London process directly or through its U.K.-based Standard Bank Plc unit, Zhou Ming, general manager of the precious metals department at ICBC, said at a conference Thursday in Shanghai. Bank of China Ltd. last week became the first Chinese bank among the 10 participants in the twice-daily auction.