Russian Bank Dangles Karat of Gold Sales to Chinese Lenders

One of Russia’s largest banks is encouraging Chinese lenders to buy gold bars directly from it instead of going through third-party gold exchanges — but Chinese banks are not on board. Above, gold bars are seen at the Krastsvetmet nonferrous metals plant in Krasnoyarsk, Russia, on March 3. Photo: Visual China

(Beijing) — One of Russia’s largest banks is encouraging Chinese lenders to buy gold bars directly from it instead of going through third-party gold exchanges.

But Chinese banks are not on board with Otkritie FC Bank’s idea — at least not yet. Some of them said they will take a wait-and-see approach for now, as they prefer gold bullion to be authenticated and guaranteed by a third party.