中國推出上海金基準價 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.

在中國尋求擴大對黃金定價影響力之際，這個全球最大黃金消費國推出了一種黃金基準價格，以和倫敦近百年曆史的黃金基準價格競爭。

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

昨天，上海黃金交易所(Shanghai Gold Exchange)啓動了每天兩場的集中定價交易，以形成以人民幣計價的“上海金”基準價格(Shanghai Gold Benchmark Price)。

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

18家銀行參與“上海金”定價，其中包括跨國集團渣打銀行(Standard Chartered)和澳新銀行(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”基準的推出，最終可能降低“倫敦金”的影響力。後者始於1919年，當時倫敦NM Rothschild & Sons的銀行家們同心協力計算出了一種公平的定價。這一價格後來成爲全球性的黃金基準價格，被礦商、各國央行、珠寶商和金融機構用於金條交易。

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，“倫敦金”定價轉向電子交易系統。2014年，英國金融市場行爲監管局(Financial Conduct Authority)曾認定巴克萊銀行(Barclays)一名交易員操縱倫敦金定盤，這家英國銀行爲此被罰款2600萬英鎊。

“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.”

世界黃金協會(World Gold Council)中國區董事總經理王立新(Roland Wang)表示：“中國需要一個金價基準，來反映本地市場的流動，並降低金價對美元的依賴。一個聚焦亞洲、以人民幣計價的基準，將大大提升黃金價格發現機制的流動性和效率。”

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.

隨着中國國內大宗商品期貨交易規模的擴大，大宗商品定價日益向中國轉移。目前，全球交易的前十大期貨合約有六個都是在中國的交易所交易。從鐵礦石到銅的大宗商品價格日益在中國製定。

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.

中國首個原油合約預計在今年開始交易。根據花旗(Citi)的說法，預計還將出爐一系列跟蹤大宗商品的交易所交易基金(ETF)和只看多的基金，其中包括監管機構正在考慮的一隻基於銅金屬的基金和一隻跟蹤農產品的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：“中國大宗商品期貨市場空盤量和日成交量的巨大增長，對全球價格產生了很大影響，提高了短期價格波動性，導致更多定價權轉向了東方。這一趨勢主要出現在賤金屬和鐵礦石領域，未來還會有更多大宗商品受到影響。”