Hong Kong exchange to launch yuan-settled gold

March 24, 2012 at 01:21

truthing

The Hong Kong Mercantile Exchange plans to launch yuan-settled gold and copper futures by July, its president said on Friday, as it looks to tap growing interest in commodities from Chinese investors.

Albert Helmig also told reporters in Shanghai that the bourse would offer yuan-denominated contracts for other industrial metals in the next 12 months.

Appetite for investment in commodities has risen dramatically in China over the last few years on the back of galloping prices, which have also led to more hedging demand from some companies.