At the end of this year, the exchange will introduce the fixed price of gold denominated in RMB, which means that China will soon establish its own gold index price.

Prior to this, China's state-owned Shanghai Gold Exchange will launch the RMB-denominated gold fixing price on its international platform, and several large banks and some overseas banks will participate in the trial operation.

China is the largest gold producer in the world and the second largest gold consumer after India.

Shen Gang, deputy general manager of the Shanghai Gold Exchange, said, "We will soon launch the RMB-denominated gold fixing price, which is expected to be officially launched at the end of the year."

"The purpose is to give the industry a more diversified benchmark price."