Two #HKEX platforms trade 24 hours a day; could turn HK into a global #gold trading hub
#Gold US$1,210/oz vs US$1,207/oz yesterday –
From SP Angel: Hong Kong Exchanges & Clearing (HKEX) has said 3,000 of its new gold contracts traded on their launch day
London Metal Exchange traded a third of this volume on its system which also went live today.
The two HKEX platforms trade 24 hours a day and could turn HK into a global gold trading hub while allowing Chinese currency RMB deposits to trade in gold
The idea is to attract trading and investment away from the much larger OTC market, to increase market visibility and enable better regulation
The HKEX gold contract is available for trading in offshore renminbi 'CNH' and US dollars enabling the arbitrage between CNH futures and the other currency gold contracts
Physical delivery in Hong Kong is also available which should lead to price convergence and help prevent manipulation
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