Bank of China to participate in auctions setting global gold prices

State-owned Bank of China will become the first mainland bank to participate in the twice-a-day auctions that set benchmark international gold prices in London, The Wall Street Journal reported, citing a statement from the London Bullion Market Association. “We’ve seen the Chinese government making moves in different markets and the gold market has just been the latest financial market in which the government is trying to open up and be more transparent,” said commodities analyst Simona Gambarini with Capital Economics. “It’s going to be slow steps, but it’s in the right direction and it seems a consistent move across all markets.”