HK yuan clearings of LME trades approved
By Gao Changxin in Hong Kong | China Daily | Updated: 2013-06-25 07:41
An agreement was signed on Monday to enable yuan clearings in Hong Kong of contracts traded on the London Metal Exchange.
LME - the world's biggest marketplace for metal derivatives trading - signed the memorandum of understanding with Hong Kong Exchanges and Clearing Ltd and Bank of China Ltd. The MOU is set to open the gate for the trading of yuan-denominated commodity derivatives in the world's biggest offshore yuan center.
The move also marks a major step in the integration of the Hong Kong exchange and the London-based trading platform, after HKEx acquired the LME for $2.2 billion in December 2012.
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