(Yicai Global) Dec. 3 -- Shanghai Gold Exchange plans to introduce a benchmark price for silver and launch quotations and trading for palladium and platinum at the beginning of next year at the earliest, according to China Daily.

The launch of a benchmark price for silver in Shanghai will help China come up with a pricing mechanism, making the country less reliant on the prices set by the CME Group in the United States and the London Metal Exchange. Jiang Qijia, senior analyst at financial services provider Noah Holdings Ltd said.

"Combined with products for palladium and platinum, this will help China complete its all-category pricing for metals," he said.

In April 2016, the exchange launched the benchmark price for gold, which was world's first yuan-denominated gold benchmark.