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MT: Shanghai Gold Exchange says to introduce new pricing products
 
DUBAI, April 12 (Reuters) - China's state-run Shanghai Gold Exchange said on Sunday it was working on launching new price benchmark fixing products as a new service to market participants.

"We are planning to provide new services to market participants so a lot of new products including price benchmark fixing products are on the way," Song Yuqin, Vice President of the exchange, told the Dubai Precious Metals Conference through a translator.

Sources had told Reuters in February that the exchange would launch a yuan-denominated gold fix this year as the world's top producer of gold seeks to gain more say over the pricing of the precious metal.

"I think the pricing benchmark fixing is one very important concept so I think in the future we are going to have it," he said.

Song did not give any further details on the kinds of pricing products that would be launched. Sources had said that the Chinese benchmark would be derived from a new 1 kg contract.

China, also the world's second-biggest bullion consumer, feels its market weight should entitle it to be a price-setter for bullion and it is asserting itself at a time when the established benchmark, the century-old London fix, has come under scrutiny because of alleged price manipulation.

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