Read More
The government will drive the development of the clearing system, storage, supply, and infrastructure related to gold trading to fully leverage gold as a strategic asset, as the city aims to develop a commodity trading ecosystem with gold as an entry point, according to the Five-Year Plan.
ADVERTISEMENT
SCROLL TO CONTINUE WITH CONTENT
This came as the city's commodity trading market intends to benchmark other major international gold trading centres in the long run while developing hardware and software simultaneously.
The government will offer all rounded support to more gold traders and financial institutions to establish a presence in Hong Kong to achieve capacity expansion, along with expediting the development of infrastructure to provide efficient and reliable services for international standards gold trading.
It also outlines plans to increase the city's overall gold storage capacity and refining capability, step up training for local talent, and explore further preferential policies for enterprises related to the gold industry.
Regarding cross-border collaboration, Hong Kong will explore the development of yuan-denominated gold and commodity markets, strengthen cooperation with mainland exchanges including the Shanghai Gold Exchange and the Shanghai Futures Exchange, and increase the variety of yuan-denominated products.
Besides, the government will coordinate efforts to achieve innovation and breakthroughs for commodity trading in the offshore yuan market, further enriching the variety of yuan-denominated and settled commodity futures and options traded in Hong Kong, encouraging and supporting the use of yuan for pricing and settlement in spot commodity transactions.
It will pursue differentiated and complementary development with the mainland market, including collaboration with the Qianhai Mercantile Exchange.
