Renminbi gold

Hong Kong starts trading gold in renminbi

Depositors in Hong Kong can now convert their idle renminbi deposits into gold.
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Accredited No 1 gold bars
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<div style="text-align: left;"> Accredited No 1 gold bars </div>

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, with average daily electronic transactions reaching HK$136 billion after a full-year average of just HK$31 billion in 2010.

“By attracting both local and international investors, the Renminbi Kilobar Gold is...

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