China Opening Gold Link to H.K. as It Seeks Price Influence
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China’s opening more of its gold market to Hong Kong investors, the latest step in its campaign to influence the price of bullion globally and expand use of the renminbi beyond its borders.
Members of the Hong Kong-based Chinese Gold & Silver Exchange Society will be able to use offshore yuan to buy and sell the precious metal on the Shanghai Gold Exchange when trade starts at 8 p.m. local time on Friday, according to Liu Liang, a spokesman for the exchange. Bullion of 99.99 percent purity on the bourse was little changed at 232.66 yuan a gram ($1,165.31 an ounce) at 3:02 p.m.