2015年CRI Bank of China Becomes First Chinese Bank to Help Set Gold Price

 

Bank of China has joined seven other financial institutions to become a direct participant on the electronic platform that sets the gold price in London.

Being the world's largest bullion¹ consumer, China has never directly played a role in global gold pricing before now.

Sun Yu, general manager of Bank of China's London branch says participating in the gold auctions³ will increase the link between China and international markets.

"Participating directly in the electronic auctions means we will be able to reflect the supply and demand in the Chinese market on a global platform, which can also help the global pricing of gold to be more accurate and comprehensive."

Sun adds that it will also help reduce the trading cost of Chinese clients and enable the bank to introduce services based on the global gold price benchmark.

The benchmark is widely recognized by producers, consumers and investors⁵ in gold trade across the world. It was administered by the Inter⁴ Continental⁶ Exchange through a twice daily electronic auction² platform which replaced the London Gold Fix in March this year.

Finbarr Hutcheson, President of ICE Benchmark Administration welcomes the new Chinese participant, believing it to be a demonstration⁷ of market support for the digital gold auction system.

"China is both a huge producer and consumer of gold and so it is a more global process to bringing China to join in the participation⁸ here in London. We do expect more interest and more participation from around the globe and from China. Bank of China is the first Chinese participant and it is also a great breakthrough for us."

For CRI, I'm Duan Xuelian in London.

1 bullion   

n.金条，银条

参考例句：

• In the London bullion market yesterday,the price of gold was steady.昨天伦敦金银市场黄金价格稳定。
• Police have launched a man-hunt for the bullion robbers.警方已大举搜捕抢劫金条的罪犯。

2 auction   

n.拍卖；拍卖会；vt.拍卖

参考例句：

• They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。
• They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。

3 auctions   

n.拍卖，拍卖方式( auction的名词复数 )

参考例句：

• They picked up most of the furniture at auctions in country towns. 他们大部分的家具都是在乡村镇上的拍卖处买的。 来自辞典例句
• Our dealers didn't want these cars, so we had to dump them at auctions. 我们的承销商都不要这些车子，因此我们只好贱价拍卖。 来自辞典例句

4 inter   

v.埋葬

参考例句：

• They interred their dear comrade in the arms.他们埋葬了他们亲爱的战友。
• The man who died in that accident has been interred.在那次事故中死的那个人已经被埋葬了。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 continental   

adj.大陆的，大陆性的，欧洲大陆的

参考例句：

• A continental climate is different from an insular one.大陆性气候不同于岛屿气候。
• The most ancient parts of the continental crust are 4000 million years old.大陆地壳最古老的部分有40亿年历史。

7 demonstration   

n.表明，示范，论证，示威

参考例句：

• His new book is a demonstration of his patriotism.他写的新书是他的爱国精神的证明。
• He gave a demonstration of the new technique then and there.他当场表演了这种新的操作方法。

8 participation   

n.参与，参加，分享

参考例句：

• Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
• The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。