HONG KONG May 08 2017 3:15 PM

VICTORIA (Scrap Register): Hong Kong Exchanges and Clearing Limited (HKEX) announced that in the third quarter, they are planning to launch physically-settled offshore Chinese yuan and US dollar gold futures contracts.

As per Li Gang, HKEX's Co-head of Market Development "Our Offshore Renminbi and US dollar Gold Futures contracts will be the first such pairing on the same exchange platform anywhere in the world,".

He also said "Our new Gold Futures will be helpful to gold users, from refiners and fabricators to jewellers, who need to hedge gold price risk. We also think they will be attractive to banks, fund managers and traders in the precious metals market,”.

The London Metal exchange recently stated that they have planned to introduce gold futures in London as part of its LMEprecious initiative had been moved back to July 2017 from June.