China, the world’s largest gold producer, will support overseas investment plans by “large- scale” bullion companies by backing them financially, the People’s Bank of China said.

Banks should extend credit lines to gold producers and offer loans for overseas acquisitions, the central bank said today in a statement on its website. The government will “support” the companies when they issue corporate bonds and help reduce financing costs, it said, without clarifying what that meant.

This is the first time the Chinese government has singled out bullion producers for financial support in overseas purchases. Global gold mining takeovers this year set a record after Kinross Gold Corp. yesterday agreed to buy Red Back Mining Inc. for about $7.1 billion.

And: "The view that the gold market to focus on strengthening the service system. Actively promote the gold market trading and disaster recovery and other infrastructure, rich market trading, improve the standard of the gold market determined system, improve storage and transportation system, the gold market, gold market to improve and strengthen the clearing services."

Full article: http://www.zerohedge.com/article/china-offically-enters-gold-market-full-release-pbocs-plan-expand-and-develop-chinas-gold-in#comments

So here is a market that will directly compete with London and new york. The question is are they joining the cartel, or resisting it? Time will tell, but I think the Chineese may have reason to resist or even oppose the west's gold cartel. It will take a few years, but just the threat may be enough to jolt the crimex and lbma out of their massive manipulation habit.