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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UBS Group AG | NYSE:UBS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.41 | 1.53% | 27.23 | 27.24 | 26.975 | 27.13 | 2,124,016 | 01:00:00 |
LONDON—Bank of China Ltd. has become the first Chinese bank to participate in the London gold price fix, the latest example of the country's push deeper into global financial markets.
Bank of China, one of China's big-four state-owned lenders, will participate in the twice-daily electronic auctions that set the LBMA Gold Price benchmark, the London Bullion Market Association said Tuesday.
It will join UBS AG, Goldman Sachs Group Inc., Bank of Nova Scotia, Barclays Bank PLC, HSBC Holdings PLC, Socié té Gé né rale SA and J.P. Morgan Chase & Co.
"Although... the world's largest gold producer and consumer, China has never played a major role in the global gold fixing," said Yu Sun, Bank of China's U.K. general manager. "Bank of China's direct participation in the gold auction would reinforce the connection between the Chinese domestic market and overseas markets."
The move is the latest in a series of steps taken by China to extend its reach in global financial markets, and will make it easier for companies and individuals to invest abroad.
The Asian giant wants its currency, the yuan, to be declared an official reserve currency, which would put it on a par with global powerhouse currencies such as the dollar, the euro and the yen.
China is also playing a larger role in metals markets, although its efforts have been tainted by a scandal at a warehouse in the port city of Qingdao, in which banks allegedly pledged metal multiple times as collateral on loans. Last year, China Merchants Group Ltd. and China Construction Bank Corp. signed agreements with the London Metal Exchange to explore ways of expanding in Asia, and of spreading the use of the yuan.
The Bank of China's decision to join the LBMA Gold Price "adds more kudos to the new mechanism," said David Govett, head of precious metals at Marex Spectron.
Write to Ese Erheriene at ese.erheriene@wsj.com
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