Hong Kong on Monday introduced gold trading quoted in Chinese yuan, making it more convenient for holders of the currency to invest in the precious metal, and opening a new channel for hedging. The Chinese Gold & Silver Exchange said Monday that the service, dubbed “Renminbi Kilobar Gold,” is designed to appeal to both retail and institutional investors. The product is among the latest offerings designed to tap the fast-growing pool of yuan deposits within Hong Kong banking system since an expanded settlement scheme came into effect in June 2010.

Source:cnbusinessnews