HKMex plans yuan contracts for metals
THE Hong Kong Mercantile Exchange plans to introduce yuan-denominated gold, silver and copper contracts by July 1 to help China gain more pricing power in the global commodities market.
The bourse also plans to offer other contracts for metals and energy products settled in the Chinese currency over the next 12 months, HKMEx President Albert Helmig said in Shanghai yesterday.
Commodities futures volume has been growing substantially over the past decade, particularly in Asia. Futures exchanges on Chinese mainland are also expanding their product offerings but they have been limited to domestic players because of currency, regulatory and tax restrictions.
Based in Hong Kong, an offshore center for yuan trading, HKMEx aims to fill a gap in Asia as it capitalizes on growing investor demand for yuan investment products.
Meanwhile, China's steady growth will continue to fuel commodity demand and influence the global market, in particular the gold sector, experts said at a seminar organized by the Hong Kong bourse and the Industrial and Commercial Bank of China.
Jeffrey Nichols, managing director of American Previous Metals Advisors, said that by late this year or the first half of next year, gold price is likely to bounce back to the record high of US$1,921.15 an ounce set in September. Gold was around US$1,650 yesterday.
The bourse also plans to offer other contracts for metals and energy products settled in the Chinese currency over the next 12 months, HKMEx President Albert Helmig said in Shanghai yesterday.
Commodities futures volume has been growing substantially over the past decade, particularly in Asia. Futures exchanges on Chinese mainland are also expanding their product offerings but they have been limited to domestic players because of currency, regulatory and tax restrictions.
Based in Hong Kong, an offshore center for yuan trading, HKMEx aims to fill a gap in Asia as it capitalizes on growing investor demand for yuan investment products.
Meanwhile, China's steady growth will continue to fuel commodity demand and influence the global market, in particular the gold sector, experts said at a seminar organized by the Hong Kong bourse and the Industrial and Commercial Bank of China.
Jeffrey Nichols, managing director of American Previous Metals Advisors, said that by late this year or the first half of next year, gold price is likely to bounce back to the record high of US$1,921.15 an ounce set in September. Gold was around US$1,650 yesterday.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔$粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.