Hong Kong’s metal storage hits 30,000 tonnes in push to become global commodity hub
Hong Kong’s push to develop into a premier gold and commodity trading hub has gained momentum, with local metal storage surpassing 30,000 tonnes, a minister has said, as the administration positions the city as the destination of choice for global capital. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Friday the government would expand renminbi settlement…
Hong Kong is making strides towards becoming a leading global commodity trading hub, as metal storage in the city has surged past 30,000 tonnes. This development has been driven by the government's commitment to accelerating international gold trading and expanding the settlement of payments in renminbi (yuan) for mainland Chinese services.
Chief Executive John Lee Ka-chiu introduced a series of policies in his annual policy blueprint, including a reduced profits tax rate for physical commodity traders and the expansion of the city's gold portfolio. The government also launched a trial operation of Hong Kong's gold clearing and settlement system, which aims to establish the city as a major trading center and price-setter for the precious metal.
These measures come after Hong Kong's London Metal Exchange warehouse network recorded a significant increase in metal storage, with totals crossing the 30,000-tonne mark.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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