The Chinese Gold & Silver Exchange, Hong Kong’s century-old bullion exchange, plans to launch the first international gold contract denominated in the renminbi in early 2011.
The new contract comes as China pushes for greater international use of the currency and as Hong Kong’s precious metals industry seeks to take advantage of booming gold demand on the mainland.
Haywood Cheung, president of the exchange, said that the new contract could lift trading volumes by 20 per cent. The exchange trades 3m-4m troy ounces of gold per day, worth about $5bn, all settled in the Hong Kong dollar.
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