As Reuters reports, the world's top gold consumer China launched a yuan-denominated gold benchmark on Tuesday, as the country looks to exert more control over the pricing of the metal and boost its influence in the global bullion market. The Chinese benchmark price, derived from a 1 kg-contract traded by 18 participants on the Shanghai Gold Exchange (SGE), was set at 256.92 yuan ($39.69) per gram on Tuesday. At the launch, Pan Gongsheng, deputy governor of the PBOC noted, “The Shanghai gold benchmark will provide a fair and tradable yuan-denominated gold fix price ... will help improve yuan pricing mechanism and promote internationalisation of the Chinese gold market.” The benchmark price will be set twice a day based on a few minutes of trading in each session. The London benchmark, quoted in dollars per ounce, is set via a twice-daily auction on an electronic platform with 12 participants. For more information, read our latest forex news.