中国推出上海金基准价 China's gold price benchmark to rival London

China, the world’s largest gold consumer, has launched a gold price benchmark to compete with London’s almost century-old process as the country seeks to have a greater influence over pricing of the precious metal.

在中国寻求扩大对黄金定价影响力之际，这个全球最大黄金消费国推出了一种黄金基准价格，以和伦敦近百年历史的黄金基准价格竞争。

The twice-daily auction for the renminbi-denominated Shanghai Gold Benchmark Price started yesterday on the Shanghai Gold Exchange.

昨天，上海黄金交易所(Shanghai Gold Exchange)启动了每天两场的集中定价交易，以形成以人民币计价的“上海金”基准价格(Shanghai Gold Benchmark Price)。

It involved 18 banks, including international groups Standard Chartered Bank and ANZ Banking Group.

18家银行参与“上海金”定价，其中包括跨国集团渣打银行(Standard Chartered)和澳新银行(ANZ)。

The launch could eventually reduce the influence of the London gold price, which started in 1919 when bankers at NM Rothschild & Sons in London sat down to calculate a fair level. That became the global gold benchmark, used by miners, central banks, jewellers and the financial industry to trade gold bars.

“上海金”基准的推出，最终可能降低“伦敦金”的影响力。后者始于1919年，当时伦敦NM Rothschild & Sons的银行家们同心协力计算出了一种公平的定价。这一价格后来成为全球性的黄金基准价格，被矿商、各国央行、珠宝商和金融机构用于金条交易。

Last year the London price moved to an electronic auction system. In 2014 the Financial Conduct Authority found that a Barclays trader had manipulated the London gold fix and the British bank was fined ￡26m.

去年，“伦敦金”定价转向电子交易系统。2014年，英国金融市场行为监管局(Financial Conduct Authority)曾认定巴克莱银行(Barclays)一名交易员操纵伦敦金定盘，这家英国银行为此被罚款2600万英镑。

“China needs a gold benchmark that reflects local market flows and reduces gold’s price dependency on the US dollar,” Roland Wang, managing director for China at the World Gold Council, an industry body, said. “An Asian-focused, yuan-denominated benchmark will significantly increase the liquidity and efficiency of the gold price discovery mechanism.”

世界黄金协会(World Gold Council)中国区董事总经理王立新(Roland Wang)表示：“中国需要一个金价基准，来反映本地市场的流动，并降低金价对美元的依赖。一个聚焦亚洲、以人民币计价的基准，将大大提升黄金价格发现机制的流动性和效率。”

Commodity pricing is increasingly moving to China, as trading has expanded in its domestic futures contracts. Six of the top 10 globally traded futures contracts are now on Chinese exchanges. Prices from iron ore to copper are increasingly set in the country.

随着中国国内大宗商品期货交易规模的扩大，大宗商品定价日益向中国转移。目前，全球交易的前十大期货合约有六个都是在中国的交易所交易。从铁矿石到铜的大宗商品价格日益在中国制定。

This year, China’s first crude oil contract is expected to start trading. A number of exchange traded funds and other long-only funds that track commodities are also expected to start, according to Citi, including a fund based on copper and an exchange traded fund tracking agricultural products, under consideration by the regulator.

中国首个原油合约预计在今年开始交易。根据花旗(Citi)的说法，预计还将出炉一系列跟踪大宗商品的交易所交易基金(ETF)和只看多的基金，其中包括监管机构正在考虑的一只基于铜金属的基金和一只跟踪农产品的ETF。

“Huge increases in open interest and daily trading in Chinese commodity futures markets have had a large impact on global prices, enhancing short-term price volatility and shifting more pricing power to the east,” the bank said. “This trend has primarily played out in base metals and iron ore, with more commodities to be affected in the future.”

花旗表示：“中国大宗商品期货市场空盘量和日成交量的巨大增长，对全球价格产生了很大影响，提高了短期价格波动性，导致更多定价权转向了东方。这一趋势主要出现在贱金属和铁矿石领域，未来还会有更多大宗商品受到影响。”