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
Accredited No 1 gold bars

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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