ICBC may be latest to join London bullion fix

Industrial & Commercial Bank of China Ltd has become the latest Chinese bank to consider joining the auction process that sets gold prices in London.

ICBC may join the London process directly or through its United Kingdom-based Standard Bank Plc unit, Zhou Ming, general manager of the precious metals department at ICBC, told the London Bullion Market Association Conference on Thursday in Shanghai.

Bank of China Ltd last week became the first Chinese bank among the 10 participants in the twice-daily auction.