by Jeff Yoders on MARCH 24, 2016
Two major exchanges have teamed up to offer gold and other precious metals contracts in China.
New Chinese Gold Contracts Coming
Hong Kong Exchanges and Clearing Limited and the Shanghai Gold Exchange have teamed up to possibly develop precious metals contracts and boost links between markets, the bourses said on Wednesday.
The exchanges signed a memorandum of understanding “to consider various potential areas of mutual interest, including joint development of precious metals products and cross-market connectivity,” the companies said in a statement.
The move comes as China is close to establishing a yuan/renminbi price fix on gold, which could give buyers in Asia more power over the bullion trade.