中國銀行將參與設定倫敦金價
A Chinese bank will join the group of western banks that help set the price of gold in London, giving the world’s biggest consumer of the precious metal a greater say in the process.
一家中資銀行將加入西方銀行的行列，幫助設定倫敦黃金價格，使這種貴金屬的世界最大消費國在定價過程中獲得更大發言權。State-owned Bank of China’s participation in the twice daily auction, which miners and consumers use as a benchmark, will make the international price better reflect supply and demand in China, the world’s largest consumer of gold, the bank said.
國有控股的中國銀行(Bank of China)表示，其參與每日兩次的拍賣（礦商和消費者將其用作基準），將使國際價格更好地反映中國這一全球最大黃金消費國的供需狀況。
“Although being the world’s largest gold producer and consumer, China has never played a major role in the global gold fixing,” Yu Sun, general manager of Bank of China’s London branch, said.
“雖然是世界上最大的黃金生產國和消費國，但以往中國從未在全球黃金定價過程中扮演重要角色，”中國銀行倫敦分行總經理孫煜表示。
While the bank has participated in the London gold market for decades, the fix has been run by western banks since it started in 1919, and used to take place on the premises of NM Rothschild.
儘管中行參與倫敦黃金市場已有數十年之久，但此前黃金定價一直由幾家西方銀行完成，這一安排起始於1919年，過去在英國投行洛希爾(NM Rothschild)的場所進行。Bank of China’s direct participation will help the Chinese gold market become more international, Mr Yu said. The bank will develop new products based on the London gold auction, it said.
孫煜表示，中行的直接參與將有助於中國黃金市場變得更加國際化。該行表示，它將開發基於倫敦黃金拍賣的新產品。Although China is so important to the trade in gold, international access to its market is limited by capital controls that do not allow for the free flow of money in and out of the country. Gold trades on the Shanghai Gold Exchange with gold futures listed on the Shanghai Futures Exchange.
雖然中國對黃金交易如此重要，但其境內市場對國際投資者開放度有限，受到資本管制（不允許資金自由出入境）的限制。上海黃金交易所(Shanghai Gold Exchange)交易黃金，而上海期貨交易所(Shanghai Futures Exchange)有黃金期貨掛牌上市。Shanghai Gold Exchange has set up an international board for foreign investors in the city’s free trade zone, as China slowly opens up its capital account.
隨着中國慢慢放開其資本賬戶，上海黃金交易所已在該市的自由貿易區建立了一個面向外國投資者的國際板。Bank of China ranked first in market share of proprietary gold trading on the Shanghai Gold Exchange last year, its annual report said. It is also a member of the exchange’s international board.
中行在年度報告中稱，該行去年在上海黃金交易所自營黃金交易中市場份額排名第一。中行也是該交易所國際板的成員之一。While London remains the centre for global gold trading, in recent years almost 75 per cent of the world’s physical gold has been sent to the Middle East and Asia, according to ANZ.
根據澳新銀行(ANZ)的數據，儘管倫敦仍是全球黃金交易的中心，但近幾年全球實物黃金的近75%流向中東和亞洲。Gold price setting takes place at 10.30am and 3pm UK time, and final prices are published in US dollars, pounds and euros. The process was moved to an electronic platform run by US energy exchange operator ICE this year after accusations that the old process was opaque and could be rigged. It is now a regulated benchmark under the UK Financial Conduct Authority.
黃金價格每日在英國時間上午10時30分和下午3時確定，最終價格以美元、英鎊和歐元公佈。這個過程今年已被轉移到由美國能源交易所運營商洲際交易所(ICE)運行的電子平臺，此前有人指控原有過程不透明，而且可能被操縱。如今金價是受到英國金融市場行爲監管局(FCA)監管的基準。The other banks involved in setting the gold price include: Barclays , Goldman Sachs, HSBC, JPMorgan, Société Générale, Bank of Nova Scotia and UBS.
參與設定金價的其他銀行包括：巴克萊(Barclays)、高盛(Goldman Sachs)、匯豐(HSBC)、摩根大通(JPMorgan)、法國興業銀行(Société Générale)、加拿大豐業銀行(Bank of Nova Scotia)以及瑞銀(UBS)。
