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“Bank of Russia has already signed a memorandum on development of bilateral gold trade with Chinese colleagues…”
Editor’s note: Are these part of the “roll-outs” that Jim Willie was talking about just this week?
from TASS
The regulator plans to take first steps towards formation of a single trade system with the People’s Republic of China in 2018
BRICS countries are discussing the possibility of establishing a single
gold trade system, First Deputy Chairman of Russia’s Central Bank Sergey
Shvetsov said Friday.
“The traditional (trade) system based in London and partially in Swiss
cities is becoming less relevant as new trade hubs are emerging, first
of all in India, China and South Africa. We are discussing the
possibility to establish a single (system of) gold trade both within
BRICS and at the level of bilateral contacts,” he said, adding that this
system may serve as a basis for further creation of new benchmarks.
According to Shvetsov, the Bank of Russia has already signed a
memorandum on development of bilateral gold trade with Chinese
colleagues. The regulator plans to take first steps towards formation of
a single trade system with the People’s Republic of China in 2018, he
added.
“We assume that trade and clearing links should be established. The
point is that gold buyers should decide on the place of purchase,” the
official said, adding that trade links would enable market participants
to make deals on international exchanges via the central counterparty.
Might need to add another country to the traditional five. Turkey has been on a tear buying gold.
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