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Gold and Silver Exchange Society of China (CGSE) said it will offer service contracts of gold between countries with currency renminbi to investors. This step was taken in the middle of the high ambitions of China to strengthen its currency position in the international market.
Hong Kong is currently the third largest gold trading center of the world. "By attracting both local and international investors, Gold Kilobar Renminbi is an important step to internationalize the renminbi," said Haywood Cheung, President CGSE.
The high economic growth in China coupled with pressure from the government of that country so that their currencies to make the world increasingly recognized the demand for investment products offered in its yuan currency rise.
At the same time, Hong Kong is trying to position itself as a hub of world trade with yuan currency.
Demand grew rapidly with the increasing rise in the number of foreign deposits in the form of Chinese currency in the city, which rose 6.4% last August to 609 billion yuan (about Rp840 trillion).
Chinese Vice Premier Li Keqiang has announced plans to allow foreign companies deemed eligible to buy shares and debt securities up to 20 billion yuan worth of capital markets of Hong Kong.
While earlier this year Hong Kong became the first stock exchange outside China who registered shares with a value of the yuan after Hui Xian, an investment company owned housing Hong Kong tycoon, Li Ka-shing, chose to sell its shares to the value of Chinese currency.
Rising yuan prestige is inseparable from China's efforts to increase its influence in the international market, both politically and economically. A number of western countries especially the U.S., accusing China conducted deliberately weakening its currency, to enhance the competitiveness of its products against goods made in another country.
source: pikiran-rakyat
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