China sets up largest gold fund in Xi`an
Source: www.chinamining.org Citation: Xinhua Date: May 25, 2015
A gold sector fund involving countries along the ancient Silk Road has been set up in Xi`an, capital of Northwest China`s Shaanxi Province, during a forum on investment and trade held over the weekend.
The fund, led by the Shanghai Gold Exchange (SGE), is expected to raise an estimated 100 billion yuan ($16.1 billion).
China is the world`s largest gold producer, and also a major importer and consumer of gold. Among the 65 countries along the routes of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, there are numerous Asian countries identified as important reserve bases and consumers of gold.
About 60 countries have invested in the fund, which will in turn facilitate gold purchase for the central banks of member states to increase their holdings of the precious metal, according to the SGE.
"China does not have a big say in gold pricing because it accounts for a small share of international gold trade," said Tang Xisheng of the Industrial Fund Management Co.
"Therefore, the Chinese government seeks to increase the influence of renminbi in gold pricing by opening the domestic gold market to international investors," Tang said.
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