Hong Kong to Launch Yuan-Denominated Gold Futures Early Next Year

Hong Kong Exchanges and Clearing (HKEX) will introduce yuan-denominated gold futures in early next year, according to managing director Gregory Yu. The move is part of a broader effort to deepen offshore use of the Chinese currency.

The new contract will allow investors to buy and sell gold in yuan, giving them more flexibility in their investment portfolios. HKEX has also announced plans to launch other precious metals and commodities products denominated in offshore yuan.

HKEX's move comes as part of a larger effort by the Hong Kong government to promote the internationalization of the yuan. The de facto central bank, however, did not provide further details on its own plans for introducing more yuan products and platforms.