简体中文
Hong Kong stands ready to become the pricing center for commodities markets in the Asia region, the city's Secretary for Financial Services and the Treasury Bureau K C Chan said Tuesday.
In a speech at the London Metal Exchange (LME) Week Asia 2013, Chan said regional metal traders cannot afford not to take prompt action and Asian companies exposed to the commodities market need to be able to manage their exposure in the same time zone.
"All of this increases the need for a pricing center in this part of the world. As the most competitive financial center in the region, Hong Kong stands ready to assume this role," Chan said.
According to Chan, the Chinese Central Government announced plans to deepen co-operation between the commodity futures markets in Hong Kong and the Mainland last year. The purchase of the LME by Hong Kong Exchanges and Clearing Limited (HKEx) last July was another step in this direction.
As the leading center for offshore RMB business, Hong Kong is well prepared to support the trading of metal contracts denominated in RMB, Chan said, adding that it has also played a pioneering role in RMB product innovation and offshore RMB circulating back onshore.
The purchase of the LME by Hong Kong Exchanges and Clearing Limited in July last year was another step in this direction, Chan said.
As the leading center for offshore Renminbi business, Hong Kong is well prepared to support the trading of yuan-denominated metal contracts, Chan said, adding that the city has also played a pioneering role in RMB product innovation and offshore RMB circulating back onshore.
