World's first Yuan gold ETF launched by Hang Seng Bank

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IvanB

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World's first Yuan gold ETF launched by Hang Seng Bank

posted on Jan 31, 2012 12:12PM

BEIJING (Commodity Online): China is spreading its tentacles far, wide and deep into the financial system. And what better place to start than with Gold!

The Hang Seng Bank has launched the world's first Yuan denominated Gold ETF, tracking the London gold fixing price in US dollars. Subscriptions are scheduled on Feb 06- Feb 08 and the ETF will start trading on Feb 14, 2012.

On lot of 100 units of the ETF will be priced at 3500 Yuan, excluding fees. The fund will also hedge Yuan against the Dollar in order to negate any adverse effect of foreign exchange fluctuation

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