China launches yuan gold benchmark to boost control in bullion market

SINGAPORE: Top consumer China has launched a yuan-denominated gold benchmark, as the country took an ambitious step to exert more control over the pricing of the metal and boost its influence in the global bullion market.

The benchmark is a culmination of efforts by China over the last few years to reform its domestic gold market in a bid to gain a bigger say in the bullion industry, long dominated by London where the global spot benchmark price is set.