China wants heavy say in price of gold

The leader in gold production and import, China, has initiated a plan to make Shanghai a gold trading hub. This move could overthrow London and New York as the leaders in gold pricing. The Shanghai Gold Exchange, the worlds largest gold exchange, approached a few banks including Australia and New Zealand Banking Group in order to start global trade in the cities free-trade area.  Last year, China overtook India as the worlds largest gold importer and as a result gold  demand increased about a third to 1,065.8 tonnes in 2013.


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