BRICS Countries Considering Creation of 'Single Gold Trading System

BRICS Countries Considering Creation of 'Single Gold Trading System' ccording to the first deputy chairman of Russia's Central Bank, the traditional trade system based in London has become less relevant. The BRICS countries, comprising Brazil, Russia, India, China and South Africa, are mulling the possibility of creating a unified system of gold trade "both within BRICS and at the level of bilateral contacts," according to the announcement made by first deputy chairman of Russia's Central Bank Sergey Shvetsov at the "Precious metals market" conference. "The traditional [trade] system based in London and partially in Swiss cities is becoming less relevant as new trade hubs are emerging, first of all in India, China, and South Africa," he said. According to the Russian Central Bank official, on the basis of this unified system, it is possible to create new benchmarks (an approximate benchmark) in the future. Russia's Gold Policy The official has also revealed Moscow's plans aiming to continue the increase in the absolute value of gold in the country's reserves. BRICS Countries Considering Creation of 'Single Gold Trading System'