Friday, May 24, 2013

Gold Trading in Yuan Triples in Hong Kong

Trading in gold using the Chinese currency has tripled in Hong Kong this year as the yuan’s rally to a 19-year high helps limit risks for jewelers.

Average daily volume was 6.5 billion yuan ($1.1 billion) in the first five months of this year, compared with 1.8 billion yuan for the same period in 2012, according to the Chinese Gold & Silver Exchange Society, the city’s century-old bullion house. That exceeds the 4.9 billion yuan target set when the contracts were introduced in October 2011.