Hong Kong Weighs Launch of Yuan Gold Futures

Source: MarketWatch (5/13/11)

"The move comes as the HKMEx is set to debut gold-futures trading next Wednesday."

MarketWatch

The Hong Kong Mercantile Exchange (HKMEx) said it is considering the introduction of yuan-denominated gold futures, pending regulatory approval, with launch of the product possible in September.

HKMEx Chairman Barry Cheung told reporters Thursday the product has yet to be granted the go-ahead by regulators. The move comes as the HKMEx is set to debut gold-futures trading next Wednesday, becoming the second exchange in the city to offer leveraged bets on the metal's rise.

HKMEx's gold-futures trading platform will provide settlement in the local currency or in physical metal at a government-operatory depository located at the city's main airport. Cheung said some commercial clients would find the proposed yuan product useful for hedging.

Settlement, however, would be offered in Hong Kong or U.S. dollars, rather than the mainland Chinese currency. Cheung did not say whether physical settlement would also be an option.

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