ExclusiveHong Kong touts distinct features to set it apart from London in global gold hub push
Financial services minister Christopher Hui says government backing, integrated settlement and Shanghai ties will distinguish the city’s gold trading ecosystem
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 officially launch a central gold clearing platform in the first quarter of next year. It would handle both physical delivery and payments, with the latter linked to the real-time gross settlement system.
Hui said the ultimate aim was 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.
“We are confident achieving [this] because in the Asia time zone we see Hong Kong as uniquely positioned to do that,” he said.
