Yuan products to meet appetite
Source: Bloomberg News |
May 10, 2011, Tuesday
|
Print Edition
Print Edition
THE Hong Kong Mercantile Exchange, backed by the world's largest lender, will offer yuan-denominated gold products to meet increasing customer demand as the city aims to be China's offshore currency center.
The Industrial & Commercial Bank of China-backed bourse plans to introduce dollar silver futures by June after trading of dollar-denominated gold futures begins on May 18, Albert Helmig, president of the exchange, said in an interview. Aubrey Ho, Hong Kong-based director of corporate communications, said yesterday that gold futures in yuan will trade by the end of this year.
"Our ambitions are to offer our products in renminbi," Helmig said by phone. "There's a customer demand for that. They get exposure to both commodity and currency. Hong Kong is naturally the largest center of offshore renminbi."
The move follows a similar plan by Hong Kong's Chinese Gold & Silver Exchange Society, a century-old bullion bourse, to be put into action from this month, and supports the city's development as China's offshore currency center. Yuan-denominated debt sales in Hong Kong doubled last year.
China is promoting the yuan in global trade and investment to cut its reliance on the dollar. Yuan deposits in Hong Kong rose to a record 371 billion yuan (US$56 billion) in January.
The Industrial & Commercial Bank of China-backed bourse plans to introduce dollar silver futures by June after trading of dollar-denominated gold futures begins on May 18, Albert Helmig, president of the exchange, said in an interview. Aubrey Ho, Hong Kong-based director of corporate communications, said yesterday that gold futures in yuan will trade by the end of this year.
"Our ambitions are to offer our products in renminbi," Helmig said by phone. "There's a customer demand for that. They get exposure to both commodity and currency. Hong Kong is naturally the largest center of offshore renminbi."
The move follows a similar plan by Hong Kong's Chinese Gold & Silver Exchange Society, a century-old bullion bourse, to be put into action from this month, and supports the city's development as China's offshore currency center. Yuan-denominated debt sales in Hong Kong doubled last year.
China is promoting the yuan in global trade and investment to cut its reliance on the dollar. Yuan deposits in Hong Kong rose to a record 371 billion yuan (US$56 billion) in January.
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