HK should attract central banks to store gold in the city, lawmaker says

Hong Kong could seek to attract central banks to store their gold reserves in the city as part of its plan to become a major bullion trading hub, a lawmaker said.

It would help boost the scale and credibility of the city’s gold push if the People's Bank of China, the Reserve Bank of India, and ASEAN central banks were willing to put their gold reserves in the SAR, said Ronick Chan Chun-ying, a Legislative Council member for the finance sector.

His colleague Carmen Kan Wai-mun, meanwhile, suggests the government consider settling cross-border infrastructure procurement payments for the Northern Metropolis in yuan, subject to supplier agreement.

Kam said at a LegCo meeting that with factors such as the rising share of government yuan bond issuance, government revenue in yuan will inevitably continue to grow, making it necessary to align the payment side accordingly.

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