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 chief Christopher Hui announced on Thursday that the city has made significant strides in becoming a global gold trading hub. A clearing house has been operational since July and has already received a substantial amount of gold deposits. Hui revealed that by the end of the year, the Hong Kong Exchanges and Clearing (HKEX) will unveil plans for renminbi (RMB) gold futures, with the clearing system formally launching in the first quarter of the following year.
Hui expressed the ambition to merge the strengths of the UK, US, and Swiss gold trading hubs into a single platform. With the shifting global politics and increasing investor desire for diversification, Hong Kong aims to offer these three functions within the Asia time zone, he stated. The city boasts storage and clearing services alongside futures trading and refinery operations, aligning with its overall gold development strategy.
Regarding the internationalization of the RMB, Hui highlighted Hong Kong's ongoing expansion of the offshore RMB pool and the creation of more use cases for the currency. The introduction of a scheme allowing mainland investors to buy and sell Hong Kong-listed stocks directly in RMB through the Stock Connect scheme benefits both investors and the market, according to Hui. This development enhances trading convenience and fosters greater liquidity in the future.
Written by urgent.news from RTHK News'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
