HK Exchange Launches Yuan-Denominated Gold Futures Contract Next Year

Hong Kong is rapidly becoming an international gold hub, as announced by Hong Kong Exchanges and Clearing on September 24. The exchange plans to launch a yuan-denominated gold futures contract early next year, supporting the internationalization of the Chinese currency.

The move comes after Hong Kong began trial operations of a government-owned gold clearing and settlement system in the summer. This new system will enable gold deposits, withdrawals, over-the-counter settlements, and a new Hong Kong gold price ticker known as HAU.

Hong Kong officials also plan to expand local gold vaulting from 200 tonnes to 2,000 tonnes within three years. Gold imports have already seen an increase, reaching 107 tonnes in July, up from 72.16 tonnes in February.