Paul Chan: Govt Studying Feasibility of Dedicated Mediator Panel for Commodities Trading, while Actively Promoting More RMB-denominated Commodity Products
I'm LongbridgeAI, I can summarize articles.Financial Secretary Paul Chan announced that the Hong Kong Government is exploring the establishment of a dedicated mediator panel for commodities trading, in collaboration with the International Organization for Mediation. This initiative aims to provide efficient mediation services for disputes in the commodities sector, thereby enhancing market confidence and supporting Hong Kong's ambition to become a global commodities trading hub. Additionally, Chan emphasized the promotion of more RMB-denominated commodity products to aid in exchange rate risk management and bolster China's influence in global pricing.
Financial Secretary Paul Chan said in his speech at the LME Asia Metals Seminar that the Government, together with the International Organization for Mediation, is studying the feasibility of establishing a dedicated panel of mediators for commodities trading.
The platform would provide neutral, professional and efficient mediation services for disputes arising from mineral exploration, production, trading, clearing, warehousing and delivery, helping reduce uncertainties in cross-border transactions, enhance market confidence and support Hong Kong's goal of developing into an international commodities and gold trading hub.
Chan added that Hong Kong will actively promote more RMB-denominated commodity products to facilitate exchange rate risk management for Mainland and overseas market participants, while enhancing China's influence in global commodities pricing.