Substantial progress in HK gold hub push: Hui
Financial Services and the Treasury Secretary Christopher Hui on Thursday said Hong Kong had made substantial progress in becoming a global gold trading centre — and more is still to come. Speaking on RTHK's Backchat programme, Hui said a clearing house had been operating since July and had already seen a large amount of gold deposited. By the end of the year, he added, HKEX would announce…
Christopher Hui, the Financial Services and Treasury Secretary of Hong Kong, reported significant progress in the city's efforts to become a global gold trading hub, in an interview on RTHK's Backchat programme. A clearing house for gold trading had been running since July, and already held substantial gold deposits. At the end of the year, Hui anticipated the Hong Kong Exchanges and Clearing (HKEX) would unveil plans for renminbi (RMB) gold futures, with the clearing system set to launch in the first quarter of the following year.
Hui expressed a desire to merge the strengths of the UK, the US, and Switzerland's existing gold trading hubs into a unified platform in Hong Kong. This strategic move aims to cater to an increasing demand for investors to diversify their portfolios, particularly within the Asia time zone. The plan encompasses storage facilities, futures trading, and refining services, reflecting the comprehensive approach to gold market development in the city.
Regarding the internationalization of the RMB, Hui highlighted Hong Kong's continuous expansion of the offshore RMB pool and the introduction of new applications for the currency. The plan to enable mainland investors to buy and sell Hong Kong-listed stocks directly in RMB through the Stock Connect scheme is beneficial for both investors and the market. This development facilitates easier trading and enhances liquidity, according to Hui.
Written by urgent.news from RTHK English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Substantial progress in HK gold hub push: Hui news.rthk.hk
