According to Zero Hedge China’s default wave appears to have made landfall, and as Bloomberg reports overnight, China’s deleveraging push has racked up the most defaults on corporate bonds ever for the first quarter. “Seven companies have defaulted on a total of nine bonds onshore so far in 2017, versus 29 for all of the last year.”
April 19 morning, the Shanghai Gold Exchange, the world’s first to the yuan -denominated gold standard price fix.
“Shanghai gold” reference price today was born, the first pen “Shanghai gold” benchmark price freeze at 256.92 yuan / gram.
The so-called “Shanghai gold fix” refers to the Shanghai Gold Exchange Release pricing contracts, the RMB-denominated, delivery in Shanghai, the standard weight of 1 kg and fineness of not less than 99.99% gold bullion, by the Shanghai Gold Exchange price system trading platform to achieve transaction.
The “Shanghai gold” reference price (Shanghai Gold Benchmark Price), refers to the “Shanghai gold” at the Shanghai Gold Exchange trading platform through a specified pricing “price to the amount of exercise,” the centralized trading, after reaching a market volume and price equilibrium, and ultimately the formation of RMB benchmark prices.
On the base price release ceremony held in the morning, the Shanghai Gold Exchange announced the pricing of 12 members and six members of the reference price list and a list of 18 international consultants.
China is the world’s largest gold producer and consumer countries, in which, the Shanghai Gold Exchange has nine consecutive years ranked inside the world’s largest gold spot Exchange floor at home and abroad gather important gold production, consumption, finance and investment companies. Therefore, the Shanghai Gold Exchange launched the “Shanghai gold” reference price will fully reflect the supply and demand of China’s gold market, representing the price trend of Chinese gold market, with use value; can be provided for the gold trading market, reliable RMB-denominated gold prices .
Meanwhile, China’s gold derivatives market has been the lack of yuan-denominated gold price point and authoritative fair, “Shanghai gold” The introduction of the benchmark price of gold will contribute to the development of China’s financial derivatives market, and will also be associated with gold financial products, financial products, and derivatives prices have a major impac