Hong Kong starts trading gold in renminbi

Depositors in Hong Kong can now convert their idle renminbi deposits into gold.

Hong Kong starts trading gold in renminbi

Hong Kong’s Chinese Gold Silver Exchange Society officially starts trading gold denominated in renminbi today, in a bid to attract the HK$600 billion of Chinese currency sitting on deposit in the city’s banks.

Haywood Cheung, president of the 101-year-old bullion exchange, said the so-called Renminbi Kilobar Gold contracts could boost trading volumes by up to 30%, or HK$40 billion a day, during the next six months. Growth has already been strong this year,...

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