Abaxx To Launch Chinese Yuan-Denominated Singapore Gold Futures

KUALA LUMPUR, Nov 12 (Bernama) -- Abaxx Technologies Inc (Abaxx), a financial software and market infrastructure company, announced that Abaxx Exchange will launch Gold Singapore futures priced in offshore Chinese yuan on Nov 16.

The cash-settled contract, known as GKC, will let traders hedge and trade Singapore kilobar gold prices in offshore Chinese yuan, linking Chinese yuan-denominated trading to prices set by the exchange’s existing US dollar-denominated Gold Singapore futures, the company said in a statement.

Each contract covers one kilogram of gold of 99.99 per cent purity and will be settled against the Gold Singapore futures price converted into Chinese yuan.

Abaxx said the contract is aimed at companies managing physical gold inventory and trading price differences between Singapore and Hong Kong, as both cities develop as international bullion centres.

The exchange will also launch Chinese yuan-denominated liquefied natural gas futures for North Pacific Asia on the same day, giving traders more ways to hedge as China’s commodity markets become more connected globally.

Abaxx is the majority shareholder of Abaxx Singapore Pte Ltd, which owns Abaxx Exchange and its clearinghouse.

-- BERNAMA