China's yuan gold benchmark to launch with 18 members - Reuters

Reuters quoting sources familiar with the matter,
Top Chinese banks and gold miners, along with the world's biggest jewellery retailer, will be among 18 members taking part in Beijing's new yuan-denominated gold benchmark.

Two foreign banks will also join the benchmark-setting process, when it launches on April 19, marking China's biggest step to become a price-setter for gold.

The Chinese benchmark price will be derived from a 1 kg-contract to be traded on the state-run Shanghai Gold Exchange (SGE), which will act as the central counterparty. The price, to be quoted in yuan per gram, will be set twice a day based on a few minutes of trading in each session.