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Report: Top Chinese banks, miners to be part of China's 18-member gold benchmark

Beijing's new yuan-denominated gold benchmark will be controlledby 18 members, including top Chinese banks, foreign banks, gold miners and the world'sbiggest jewelry retailer, Reuters reported April 13, citing a "source familiarwith the matter."

The Chinese banks named as those joining the benchmark-settingprocess include Industrial & CommercialBank of China Ltd., AgriculturalBank of China Ltd., Bankof China Ltd., China ConstructionBank Corp. and Bank ofCommunications Co. Ltd.

Standard CharteredPlc and Australia &New Zealand Banking Group Ltd. are the two foreign banks participatingin setting the new yuan benchmark.

Global jewelry retail giant Chow Tai Fook, Swiss trading houseMKS, Chinese miners China NationalGold Group Corp. and ShandongGold Group Co. Ltd. were also named as members of the group.

The Chinese benchmark price, which is set to launch April 19and will be quoted in yuan per gram, will be derived from a 1 kilogram contractto be traded on the state-run Shanghai Gold Exchange, with the price to be set twicea day based on a few minutes of trading in each session.

Reuters reported that the yuan gold fix is not expected to posean immediate threat to the gold pricing dominance of London and New York, but itcould ultimately give Asia more power, particularly if the Chinese currency becomesfully convertible.