SHANGHAI, Oct 28 (Reuters) - The Shanghai Gold Exchange (SGE) has signed a deal to allow the Dubai Gold & Commodities Exchange (DGCE) to be the first foreign market platform to use its new yuan-based gold fix to develop derivative products, the Chinese exchange said on Friday.

The Dubai exchange will use the yuan-denominated gold price as a benchmark to launch a Shanghai gold futures contract, SGE said in a statement, the latest step in a broad push by top consumer China to increase its power and influence over bullion pricing in the global market.

SGE Chairman Jiao Jinpu said in the statement that Dubai is an important country for China’s one belt, one road policy and that the tie-up will help promote globalization for China’s gold market. The chairman had said early last week that the exchange would sign a deal with DGCE this week.

SGE, the world’s biggest physical bullion exchange, launched a yuan-denominated gold benchmark in April. The Chinese benchmark price was derived from a 1 kg-contract traded by 18 participants on the exchange.

The members in the yuan gold-fixing process include China’s big four state-owned banks; Standard Chartered, ANZ and Swiss-based precious metals house MKS; and jewellery retailers and gold miners.

The total trading volume since its launch has reached 384.26 tonnes by the end of September, with a total value of 105.5 billion yuan ($15.56 billion), the exchange said.

Transparency in the fixing process has come under scrutiny since a scandal broke in 2012 over the rigging of the London interbank offered rate, or Libor.

The London gold fix, previously set via a teleconference among banks and facing allegations of manipulation, was replaced in 2015 by electronic auctions.