Hong Kong is planning to launch a new government-backed gold-clearing system by
July, according to people familiar with the matter, as part of its push to
become a global bullion trading hub. The system will mirror London’s clearing
infrastructure and support unallocated gold accounts, allowing faster and more
scalable settlement without requiring ownership of specific bars.
The initiative is designed to strengthen Hong Kong’s role in gold trading,
financing and storage, with invitations extended to China-friendly central banks
and participation from major banks including ICBC, Bank of China, HSBC, JPMorgan
and UBS. Hong Kong has also signed a cooperation agreement with the Shanghai
Gold Exchange and plans to expand gold storage capacity to 2,000 tons within
three years.
The Financial Services and the Treasury Bureau said preparations are in the
final stage, with trial operations expected within the year.
