Hong Kong touts distinct features to set it apart from London in global gold hub push
Distinctive features will set Hong Kong apart from London, a major bullion hub, as the city accelerates efforts to develop an international gold and precious metals trading ecosystem covering the entire value chain, a minister has told the South China Morning Post. In an exclusive interview on Thursday, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the city would…
Hong Kong is positioning itself as a unique global gold hub by developing an international gold and precious metals trading ecosystem, according to a senior financial official. The city plans to launch a central gold clearing platform in the first quarter of next year, which will handle both physical delivery and payments linked to the real-time gross settlement system.
This initiative aims to connect Asian liquidity with international market standards, giving participants a venue in the Asian time zone for trading, storage, clearing, refining, and risk management. Hong Kong, a founding member and co-developer of the multilateral central bank digital currency platform mBridge, is also working on enhancing its gold trading ecosystem as part of its first five-year plan, which runs until 2030.
Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
