Parliament has approved the government's 75% wage subsidy As of May 16th , Industrial and Commercial Bank of China ( ICBC ) is to follow in the footsteps of Bank of China and China Construction Bank by joining the twice - daily electronic trading process in London to set the benchmark price of gold , according to the Intercontinental Exchange ( IS ) . This now brings the number of participants up to 12 alongside Barclays , Goldman Sachs , HSBC , Halifax , Scotia Bank , Societe Generale and others in the LBMA Gold Price , which replaced the London Gold Fix on May 20th . China , which is the world 's largest producer and consumer of gold , is pushing for greater influence in global commodities pricing .
As of May 16th , Industrial and Commercial Bank of China ( ICBC ) is to follow in the footsteps of Bank of China and China Construction Bank by joining the twice - daily electronic trading process in London to set the benchmark price of gold , according to the Intercontinental Exchange ( IS ) . This now brings the number of participants up to 12 alongside Barclays , Goldman Sachs , HSBC , Halifax , Scotia Bank , Societe Generale and others in the LBMA Gold Price , which replaced the London Gold Fix on May 20th . China , which is the world 's largest producer and consumer of gold , is pushing for greater influence in global commodities pricing .