Loading ...BRICS consider setting up gold trading system
Brazil, Russia, India, China and South Africa (BRICS) are discussing the possibility of establishing a separate gold trading system, according to the First Deputy Chairman of Russia’s Central Bank Sergey Shvetsov.
“The traditional (trade) system based in London and partially in Swiss cities is becoming less relevant as new trade hubs are emerging, first of all in India, China, and South Africa,” he said, adding “we are discussing the possibility of establishing a single (system of) gold trade both within BRICS and at the level of bilateral contacts.”
BRICS countries are large economies with substantial reserves of gold and an impressive volume of production and consumption of the precious metal, said the official. According to him, the new system may serve as a basis for the further creation of new benchmarks.
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