Hong Kong Seeks Commodity Trading Boost Amid National Priorities

Hong Kong's Financial Secretary Paul Chan has emphasized the potential of developing commodity trading in Hong Kong, citing its ability to serve the country and create jobs. The government is actively working on this initiative, with a focus on gold trading. According to Chan, raising Hong Kong's gold storage capacity to over 2,000 tonnes within three years will be a key goal.

The government aims to encourage gold traders to set up or expand refineries in the SAR as part of its efforts to establish a commodity trading ecosystem. Chan noted that developing commodity trading will enrich Hong Kong's role as an international financial centre and serve the country's broader interests, given its significant usage of gold and other precious metals.

Chan also highlighted the potential for Hong Kong to have a stronger voice in gold pricing through the introduction of a new gold price benchmark. This move could drive demand for storage and related professional services, leading to job creation, according to Chan.