A Chinese-controlled bank is in line for a rare seat at the table of the small club of lenders that sets the global benchmark price for gold.

London-based Standard Bank - in which Chinese state-owned Industrial & Commercial Bank of China last month acquired a 60% stake from South Africa's Standard Bank Group - is the front-runner to buy Deutsche Bank 's position on the panel of five banks that sets the daily gold benchmark, a person familiar with the matter said Tuesday.