The world's biggest consumer of gold appears to be making a bold attempt to influence the price direction of the precious metal with a Chinese bank seeking a...

The world's biggest consumer of gold appears to be making a bold attempt to influence the price direction of the precious metal with a Chinese bank seeking a seat at the gold price- fixing table. The Financial Times is reporting that the Industrial and Commercial Bank of China (ICBC), which is buying the UK-based market's division of South Africa's Standard Bank, wants to purchase Deutsche Bank's seat in the near future. Deutsche said in January it was closing its commodities business and so no longer needed the position. The ICBC's interest comes in the wake of China overtaking India as the biggest consumer of gold and as the nation's government policy makers promote a move towards consumption-driven economic growth rather than one of investment in infrastructure, as seen over the past two decade. (Subscription required) (VIEW LINK)


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