中国银行将参与设定伦敦金价

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　　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 auctions² will increase the link between China and international markets.

　　中国银行将参与设定伦敦金价

　　"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 auction³ 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.

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