China Wants to Set the Price of Gold, Oil, Iron Ore and More

The West will lose its pricing power if it is surpassed economically. It will lose pricing power sooner if it doesn't operate free and fair markets. The shenanigans in the precious metals market created a demand for competition, with many gold market participants looking forward to China setting a real market price, or at the very least a competitive rigged price.

Bloomberg: China Wants to Set Prices for the World's Commodities
“We’re facing a chance of a lifetime to become a global pricing center for commodities,” Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the Shanghai Futures Exchange’s annual conference in the city on Wednesday. “On the way to realize this goal, we’ll see very intense competition. We have the advantage of trading size and economic growth, but our legislation is still not sound and we lack enough talent.”

...“We plan to use crude oil, iron ore and natural rubber futures as the starting point in our efforts to open the domestic market to more foreign investors,” Fang told the audience. China shouldn’t underestimate “the determination of current pricing centers to maintain their status,” he said.

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