Beijing, May 24 (EFE) .- China has launched an international gold fund plans to reach a total value of 100,000 yuan (about 16,400 million, 14,600 million euros), he reported the official newspaper Shanghai Daily.
This initiative, led by the Shanghai gold market (China) and in which 60 nations have already invested, will facilitate central banks of member countries increase their reserves of the precious metal in exchange for their shares.
The fund plans to operate within the New Silk Road, an investment project led by China strengthen its position as a commercial and financial center of Asia.
The new entity will invest in gold mining projects in countries that are part of the New Silk Road and increase exploration in countries such as Afghanistan or Kazakhstan.
The fund will be based in the Chinese city of Xian in northwest China, where its launch was announced during a sector forum held this weekend.
China, the largest producer of the precious metal, seeks to open its market to the outside of the domestic gold to their currency, the yuan, has more weight when it comes to pricing of this asset.
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