7. Shanghai Gold Exchange launches yuan-denominated gold benchmark price

Shanghai Gold Exchange introduces a yuan-denominated gold benchmark price in Shanghai on April 19, 2016. [Photo provided to chinadaily.com.cn]

The Shanghai Gold Exchange (SGE), the world's largest physical gold exchange, launched a yuan-denominated benchmark price on April 19, 2016 in Shanghai, a measure that will benefit both China's domestic gold market and the global precious metals market. SGE said that the launch of the Shanghai Gold Benchmark Price will be useful in adequately reflecting gold supply and demand in China and in representing price trends in the nation's gold market. It is also considered a necessary addition to the international gold market and should make the pricing of physical gold more open to the play of market forces.