Gold fund set up for nations along Silk Road

China has launched a fund that is expected to raise around $16 billion for gold-related investments, including developing gold mining projects, as part of the "Belt and Road Initiative".

The fund, expected to raise the target amount in three phrases, will be managed by Xi'an Silk Road Fund Management, a joint venture led by two large gold producers Shandong Gold Group and Shaanxi Gold Group, according to Shanghai Securities News.

Shandong Gold will be the largest shareholder with 35 percent. Shaanxi Gold will have a quarter share in the new business, with the rest taken up by financial companies including Western Securities and Industrial Bank.