The central clearing system for gold in Hong Kong is scheduled to commence trial operation in 2026, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.
Hui said at a briefing on gold market development on Monday that a complete industry chain has initially taken shape for the city’s gold market, and the government is actively working toward the goal of establishing the SAR as an international center for gold trading, storage, clearing and risk management.
Attendees of the meeting organized by the FSTB included representatives from exchanges, banks, asset management companies, gold mining, trading firms and refineries, warehouse operators, as well as logistics providers, according to a statement by the government.
The government will set up a preparatory taskforce to engage a wide range of local and international stakeholders, with a view to promoting industry collaboration and facilitating the formation of a self-governing industry body, the statement said.
The preparatory taskforce will also hold in-depth discussions on details such as the structure, membership and financial arrangements of the future industry organization, it added.
Hui said the organization will help enhance communication with the government and regulators, and play an instrumental role in business development, global promotion, international co-operation and talent nurturing, thereby contributing to the long-term development of Hong Kong's gold market.
