HKMex plans yuan contracts for metals
By Richard Fu |
00:00 UTC+8 March 24, 2012
|
Print Edition
Print Edition
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.
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