HKMEx was founded by Nathaniel Rothschild, don't expect the HKMEx to end the manipulation of the PM market as it is simply another paper futures market creating massive paper control over bullion. If there is any hope for a new market striking fear in the cartel, it is the 1 to 1 physical silver exchange announced by Ned Naylor Leyland last month.
Six months after announcing the launch of Yuan denominated gold futures,the Hong Kong Mercantile Exchange (HKMEx) said it planned the launch by July this year.
According to Albert Helmig , President of HKMEx the exchanghe will also offer yuan-denominated contracts for copper and other industrial metals in the next 12 months.
Analysts said, with a deep pool of liquidity in China and considerable advancements made in the internationalization of the yuan, demand for yuan investment products will grow even more remarkably going forward.
They added that robust international commodities exchange in China will help satisfy the country's insatiable demand for a wide range of commodities, and contribute to the continual development and evolution of its commodity market.