Yuan-denominated gold fix near launch

System will give China larger role in setting international price of the precious metal

A yuan-denominated gold fix will be launched by year-end via the Shanghai Gold Exchange to give the world's biggest producer and leading consumer of bullion more influence over pricing.

The first public confirmation made by an exchange official comes after Reuters cited sources in February on the proposal for the fix to be set through trading on the SGE, the world's biggest physical bullion exchange.