HK Gold Hub Push Gains Momentum

Hong Kong has made significant progress in establishing itself as a global gold trading hub, according to Financial Services and the Treasury Secretary Christopher Hui.

A clearing system for gold trading has been trial operating since July, with a large amount of gold already deposited. By the end of the year, HKEX will announce details of renminbi (RMB) gold futures, with the clearing system to be formally launched in the first quarter of next year.

Hui stated that Hong Kong's goal is to combine the strengths of existing gold trading hubs in the UK, US, and Switzerland into a single platform. This would allow investors within the Asia time zone to access these functions together in one place.