ACGBF Agricultural Bank of China (PK)

SHANGHAI--Standard Chartered PLC (2888.HK) and Australia & New Zealand Banking Group Ltd. (ANZ.AU) will be among 18 price setters for China's new yuan-denominated gold benchmark as the country aims to expand its exchange's role in the global market.

China's four largest state-owned banks--Industrial & Commercial Bank of China Ltd. (1398.HK), Agricultural Bank of China Ltd. (1288.HK), Bank of China Ltd. (3988.HK) and China Construction Bank Corp. (0939.HK)--are also among the 12 member banks that will help determine pricing for the precious metal, according to a statement released Wednesday on the website of the Shanghai Gold Exchange. The benchmarking system is scheduled to launch this month.

Shanghai Pudong Development Bank Co. (60000.SH), China Minsheng Banking Corp. (1988.HK) and Bank of Communications Co. (3328.HK) will also participate in the price-setting process. Other members include jewelry retailers Chow Tai Fook Jewellery Group Ltd. (1929.HK) and Lao Feng Xiang Co. (600612.SH), as well as Swiss trading firm MKS and Shandong Gold Group, according to the statement.

China is the world's top producer and consumer of gold. The exchange benchmarking system is aimed at encouraging foreign participation in the nation's tightly controlled market. China sees itself as lacking sufficient clout in global pricing platforms.

--Yifan Xie

(END) Dow Jones Newswires

April 13, 2016 08:11 ET (12:11 GMT)

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