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China sets up gold fund as part of Silk Road initiative

CCTV.com

05-26-2015 00:35 BJT

China has established a gold-invetment fund with expected funding limit of about $16 billion--that's part of its "Silk Road" initiative. 

The fund aims to develop trade and transport infrastructure across Asia and beyond. Two of China's leading gold producers Shandong Gold Group and Shaanxi Gold Group will take up the majority stakes of the fund. 

The rest will be owned by financial institutions. 

The fund could launch gold-backed exchange-traded funds and  buy stakes in listed gold companies and mining firms. 

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