A well developed commodity market is key to the globalization of the Chinese renminbi, Hong Kong Exchanges and Clearing Ltd. (HKEx, 00388.HK) chief executive Charles Li says.
Hong Kong must do whatever it takes to become a commodity trading center, Li was quoted as saying by the Hong Kong Economic Journal.
The stock exchange operator will announce in January a three-year plan to turn itself into a pricing hub for commodities and currencies, Li said.
He said Hong Kong can serve as a bridge between supply and demand for the commodity futures and spot markets given the difference in trading volumes between mainland China and international markets.
Regulators and commodity exchanges could collaborate on storage and warehousing, he said.
HKEx will consider all growth avenues to expand its commodity trading platform.
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