China is boosting its influence in global gold markets by establishing its largest gold-investment fund led by Shanghai Gold Exchange (SGE), which is expected to raise about 100 billion yuan ($16.1 billion).
China has established its largest gold-investment fund in northwest China’s Xi’an City, the ancient starting point of the famous Silk Road, aiming to bolster Beijing’s role in global gold trade.
The initiative is a part of China’s ambitious New Silk Road project and about 60 countries have already invested in the “Silk Road Gold Fund.” While the new fund is aiming to invest in mining projects in the region, it is expected that central banks of the member states will increase their holdings in the precious metal. Continue reading
BEIJING: China, the world’s biggest gold producer, has set up a gold sector fund involving countries along the ancient Silk Road which is expected to raise $16.1 billion.
The fund, led by Shanghai Gold Exchange (SGE), is expected to raise an estimated 100 billion yuan ($16.1 billion) in three phases, state-run Xinhua news agency reported. It is said to be the “largest fund” set up by China. Continue reading