Hong Kong’s metal storage hits 30,000 tonnes in push to become global commodity hub
Financial services minister Christopher Hui also says city will pay for Dongjiang water using yuan as part of internationalising renminbi
Hong Kong’s push to develop into a premier gold and commodity trading hub has gained momentum, with local metal storage surpassing 30,000 tonnes, a minister has said, as the administration positions the city as the destination of choice for global capital.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Friday the government would expand renminbi settlement of payments for mainland Chinese services, such as buying water from the Dongjiang, in a bid to boost the globalisation of the yuan.
Chief Executive John Lee Ka-chiu rolled out an array of measures in his annual policy blueprint on Wednesday to accelerate the growth of the city’s international gold trading market, including a Joint Working Group on Commodity Trading chaired by Hui.
