London gold fix gets a Chinese touch

The presence of a Chinese bank in the global gold pricing system will strengthen the nation's ties with the global bullion market and increase transparency, experts said on Wednesday.

Earlier on Tuesday, Bank of China Ltd became the first Asian lender to be a part of the auction process that sets gold prices on the London market, according to the London Bullion Market Association.

The bank, along with seven other lenders, will start participating in the twice-daily electronic auction, it said.