Hong Kong stands ready to become the pricing center for commodities markets in the Asia region, the city's Secretary for Financial Services and the Treasury Bureau K CChan said Tuesday.
In a speech at the London Metal Exchange (LME) Week Asia 2013, Chan said regional metaltraders cannot afford not to take prompt action and Asian companies exposed to the commodities market need to be able to manage their exposure in the same time zone.
"All of this increases the need for a pricing center in this part of the world. As the mostcompetitive financial center in the region, Hong Kong stands ready to assume this role," Chansaid.
The Chinese central government last year announced plans to deepen cooperation betweenthe commodity futures markets in the mainland and Hong Kong.
The purchase of the LME by Hong Kong Exchanges and Clearing Limited in July last year wasanother step in this direction, Chan said.
As the leading center for offshore Renminbi business, Hong Kong is well prepared to supportthe trading of yuan-denominated metal contracts, Chan said, adding that the city has alsoplayed a pioneering role in renminbi product innovation and offshore renminbi circulating backonshore.
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