HKEX Plans Yuan-Denominated Gold Futures in Early Next Year

Hong Kong Exchanges and Clearing (HKEX), the bourse operator, is set to launch yuan-denominated gold futures in early next year. This move aims to deepen offshore use of the Chinese currency. HKEX's managing director and head of markets, Gregory Yu, made this announcement at a banking summit.

Gregory Yu stated that HKEX has 'reactivated our gold contract in the US dollar' and plans to introduce 'a yuan-denominated gold futures contract.' He also mentioned that they will continue to develop various precious metals products denominated in offshore yuan. This effort is part of the city's plan to support the diversification and digitalisation of the currency's internationalisation.

The de facto central bank, however, did not provide further details on specific plans or timelines for introducing more yuan products and platforms. The move is seen as a step towards expanding the use of offshore yuan in global markets.