Hang Seng Bank is readying the first yuan-denominated gold exchange traded fund to be listed in Hong Kong, Dow Jones Newswires reported Monday.
“This will be the first yuan-denominated ETF in Hong Kong, the lender said in a statement,” according to the report.
“The ETF, which provides returns in yuan, will closely track the performance of the London Gold Fixing Price in U.S. dollars, said Hang Seng Bank, adding that the ETF will be listed on the Hong Kong Stock Exchange in February,” Dow Jones said.
Earlier this month, Reuters reported Hong Kong was expected to introduce yuan-denominated ETFs listed on the stock exchange very soon. [A Closer Look at Dim Sum Bond ETFs]
Global gold ETFs hold about 2,350 metric tons of bullion and have played a role in the precious metal’s historic rally, although the impact is difficult to quantify. [Measuring the Effect of Gold ETFs]
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