Trading of gold in yuan makes glittering debut
Updated: 2011-10-18 07:01
By Oswald Chen (HK Edition)
Move gives another boost to city's status as offshore RMB hub
The Chinese Gold & Silver Exchange Society, a century-old bullion bourse in Hong Kong established, started trading gold quoted inyuan on Monday, giving another boost to the city's status as an offshore hub for the mainland currency.
The contract may generate as much as HK$6 billion ($770 million) in trades a day, exchange President Haywood Cheung said in aninterview on October 14. Daily bullion trading volume at the society, which has 171 active members, has jumped to HK$136 billionfrom last year's HK$31 billion as appetite increases for gold due to it being seen as a "haven" from stock declines on global marketsthis year.
Gold transactions amounted to approximately 117 million yuan for the first day of trading with a settlement price of 346.95 yuan pergram. Some 322 kilograms were traded.
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