Shanghai Gold Exchange (SGE) chairman, Xu Luode, told an industry conference in Singapore that China must increase their influence within the international gold market.

Exchanges throughout Asia are launching gold contracts later this year in an attempt to provide alternatives to current pricing mechanisms which are coming under scrutiny from financial regulators. A number of lawsuits have been filed in the U.S. and earlier this year in the UK Barclays Bank was fined £26 million for allowing one of their traders to manipulate the gold price.

The SGE plans to open the exchange in September with the contracts priced in Yuan. A source close to the matter said China’s first objective is to launch a physical contract and then provide an alternative to the London gold fix.