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…
Hong Kong's Financial Secretary Christopher Hui announced on Thursday that significant advancements have been made in transforming the city into a global gold trading hub. Speaking on RTHK's Backchat program, Hui revealed that a gold clearing house has been operational since July and has already received a substantial amount of gold deposits.
He further stated that Hong Kong Exchanges and Clearing (HKEX) will disclose details regarding renminbi (RMB) gold futures by the end of the year, with the clearing system set to be formally launched in the first quarter of the following year.
Hui expressed the ambition to merge the strengths of the three leading gold trading hubs - the UK, the US, and Switzerland - into a unified platform. He highlighted that this shift in geopolitical landscape, coupled with investors' increasing desire for diversification, positions Hong Kong as a one-stop solution for these three functions within the Asia time zone.
With the establishment of the clearing house, HKEX now offers storage with clearing, futures trading, and a refinery, all of which are integral components of the city's comprehensive gold development plan. Hui emphasized that the internationalization of the RMB has been a continuous process in Hong Kong, with the offshore RMB pool expanding and creating more use cases for the currency.
The upcoming plan that enables mainland investors to directly buy and sell Hong Kong-listed stocks in RMB through the Stock Connect scheme is beneficial for both investors and the market. This development will enhance trading convenience and contribute to increased liquidity in the future, according to Hui.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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