Chinese banks likely among members of new gold fix

Chinese banks appear set to number among the eleven members of a new global gold price-fixing scheme meant to replace a nearly hundred-year-old setup in which four banks decided the daily gold price via telephone, The Financial Times reported, citing London Bullion Market Association Chief Executive Ruth Crowell. Last May the system drew scrutiny from regulators after Barclays (BARC.LON) was fined GBP26 million for its failure to rein in an options trader who, in 2012, drove the gold price lower to avoid paying GBP2.3 million to one of the lender’s clients.