LME ASIA WEEK 2017: HKEX’s dual currency gold contract is benchmark Asia needs, HKEX says

As a major transport hub for the world’s gold market, Hong Kong has a strong case for the setting of a gold benchmark for the Asian time zone, Dennis Zhang, Hong Kong Exchanges & Clearing (HKEX) head of commodities and LME marketing, told participants at LME Asia Week in Hong Kong on Monday May 8.

The HKEX announced on May 5 that it plans to launch a physically settled CNH (offshore Chinese yuan) and US dollar gold futures contract – the first such pairing on the same exchange platform anywhere in the world. The contract is still awaiting regulatory approval from the Hong Kong Securities and Futures Commission. “We hope that the supervising department will make a decision on the contract in May. Once it gets approval, we will be ready to launch within one to two months,” Zhang said. China is a net importer of...

Published

Kiki Kang

May 08, 2017

13:05 GMT

Hong Kong