HK Precious Metals Clearing Expands to Include Currency Settlements

Hong Kong's Precious Metals Central Clearing is expanding its capabilities to include currency settlements by the end of the year, according to Secretary for Financial Services and the Treasury Christopher Hui Ching-yu. This development will enable real-time delivery vs payment in interbank monetary systems.

The Clearing has seen a positive market response since its launch in July, with banks expressing interest in participating. To prepare for its official launch, further preparations are underway, including promoting contracts of yuan gold futures and establishing an industry association to enhance clearing functions.

Hui also mentioned that a Gold Hotline will be set up to provide one-stop support for Mainland and overseas gold traders to participate in Hong Kong's gold trading ecosystem. This initiative is part of the Policy Address.