China sets up giant gold fund to expand its market power

China has set up its largest gold-investment fund ever, expected to total 100 billion yuan ($16 billion), aiming to invest in mining projects in the region and enhance Chinese influence in global gold markets, local media reports said Wednesday.

The fund may also boost China’s power over the world gold market and could increase the use of the yuan USDCNY, +0.0306%  in pricing gold, the National Business Daily quoted economist Song Qinghui as saying on Wednesday.

Song also said additional funds aimed at the New Silk Road, possibly focused on transportation and other infrastructure investment, may be set up in the future, the report said.

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