Commodity markets in China, the largest user of copper and iron ore, will increasingly set global benchmarks as financial markets are opened to overseas investors, Australia & New Zealand Banking Group Ltd said.
"Greater access will make domestically generated prices more influential," the bank said in a report as it introduced a commodity index based on consumption patterns in China. Having markets that are more open "will accelerate the shift from a follower of international prices toward setting global benchmarks", ANZ said.
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