HONG KONG - Hong Kong stands ready to become the pricing center for commodities markets in the Asia region, the city's Secretary for Financial Services and the Treasury Bureau K C Chan said Tuesday.

In a speech at the London Metal Exchange (LME) Week Asia 2013, Chan said regional metal traders cannot afford not to take prompt action and Asian companies exposed to the commodities market need to be able to manage their exposure in the same time zone.

"All of this increases the need for a pricing center in this part of the world. As the most competitive financial center in the region, Hong Kong stands ready to assume this role," Chan said.

The Chinese central government last year announced plans to deepen cooperation between the commodity futures markets in the mainland and Hong Kong.

The purchase of the LME by Hong Kong Exchanges and Clearing Limited in July last year was another step in this direction, Chan said.

As the leading center for offshore Renminbi business, Hong Kong is well prepared to support the trading of yuan-denominated metal contracts, Chan said, adding that the city has also played a pioneering role in renminbi product innovation and offshore renminbi circulating back onshore.