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Hong Kong Gold Trading in Yuan Drops 78% From January Record

Hong Kong’s yuan-denominated gold trading slumped 78 percent from its January peak as bullion prices tumbled, sales at jewelry retailers slowed and the currency weakened, said the city’s century-old bullion bourse.

Average daily trading volume was 533 million yuan ($83.7 million) this month, compared with 2.38 billion yuan in January, Chinese Gold & Silver Exchange Society President Haywood Cheung said in a May 29 interview. Both months fell short of the 4.9 billion yuan target that Cheung announced when the contracts, about 80 percent of which are designated for physical delivery, were introduced in October.