Hong Kong Bourse Revamps Gold Futures Targeting China's Wealth
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Hong Kong Exchanges and Clearing Ltd. plans to revamp its gold futures, targeting Chinese investors after ending the previous contract a year ago.
The new contracts will be for physical delivery denominated in yuan and U.S. dollars, said Romnesh Lamba, the co-head of market development at the bourse. The previous contract, which was started in 2008, was cash-settled and quoted only in U.S. dollars. It was suspended after gold pricing was transferred to an electronic auction on March 15 from a century-old procedure.