Shanghai Gold Exchange launches first offshore vault in Hong Kong
The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse.
Analysts said the launch of the vault and two yuan-denominated gold products represented a step forward for Beijing and Hong Kong in their effort to promote commodities and futures contracts around the world.
'Gold, as a basic precious metal, is, in essence, a commodity, a reserve asset and an investment product,'
Christopher Hui Ching-yu, Hong Kong's secretary for financial services and the treasury , said at the opening ceremony for the vault. 'It is also a hedging tool amid uncertain geopolitical and economic outlooks.'
He added that the vault and gold contracts would help Hong Kong solidify itself as an international financial centre. The vault was designed to serve international clients as they conducted trading of yuan-denominated bullion and managed their storage.
The Shanghai exchange was established by the People's Bank of China in 2002; it has two warehouses in Shanghai and another in Shenzhen.
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