Loading ...In a sign of China’s further influence in global financial markets, a major Chinese bank has been allowed into an elite club of bankers that sets the global price of silver.
On Sunday it was announced that China Construction Bank Corp (CCB) will become the first Chinese bank to participate in determining the London Bullion Market Association (LBMA) silver price.
CME Benchmark Europe Limited and Thomson Reuters have operated the LBMA silver price since August 2014, when they took over responsibility from London Silver Market Fixing Limited. CCB will be the first Chinese bank and the sixth price participant, joining HSBC Bank USA NA, JPMorgan Chase Bank, The Bank of Nova Scotia, The Toronto Dominion Bank and UBS AG.
The move is significant because it gives China the power to influence bids that go into setting the official London silver price, thus boosting the importance of the Chinese yuan, or renminbi.
cont. http://www.mining.com/chinese-bank-joins-lbma-silver-fix/