(Reuters) - The Hong Kong Mercantile Exchange (HKMEx) plans to launch yuan-settled gold and copper futures by July, its president said on Friday, as it looks to tap growing interest in commodities from Chinese investors.
Albert Helmig also told reporters in Shanghai that the bourse would offer yuan-denominated contracts for other industrial metals in the next 12 months.
Appetite for investment in commodities has risen dramatically in Chinaover the last few years on the back of galloping prices, which have also led to more hedging demand from some companies.
HKMEx benefits from the wall of restrictions governing Chinese derivatives trading, which prohibit Chinese nationals from participating in markets outside China and Hong Kong.
China, which keeps a tight grip on its commodities market, also limits financial institutions from investing in commodity futures without special regulatory approval.
|English.news.cn 2012-03-22 18:22:37|
BEIJING, March 22 (Xinhua) -- The central banks of China and Australia signed a 200-billion-yuan (31.74 billion U.S. dollars, or 30 billion Australian dollars) currency swap agreement on Thursday.
The agreement is for an initial three-year period and could be extended with the consent of both sides, said a statement released by the People's Bank of China, China's central bank.
The statement said the agreement aims to help strengthen financial cooperation between the two sides, boost bilateral trade and investment and promote regional financial stability.
Since the outbreak of the global financial crisis, China has signed currency swap agreements worth 1.5 trillion yuan with 17 countries and regions to support its trade and investment with these economies.