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China creates international gold mining fund

Staff writer |
China has created an international gold fund that is expected to reach a total value of $16.4 billion, the official Shanghai Daily reported.

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The project, which is being overseen by the Shanghai Gold Market and has attracted investment from 60 countries, will make it easier for member states’ central banks to increase their gold reserves.

The fund will be operated as part of the New Silk Road, an investment project being promoted by China to bolster its trade and financial position in Asia.

The fund will invest in gold mining projects in countries joining the New Silk Road project, with plans calling for expanded exploration in Afghanistan and Kazakhstan.

The fund’s headquarters will be in Xian, a city in northwestern China, where officials unveiled the project at a mining industry conference this weekend.

China, the world’s largest gold producer, wants to expand its domestic gold market beyond its borders to give the national currency, the yuan, a bigger role in trading in the commodity.

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