FED SAYS IT IS ALSO ENCOURAGING FED RESERVE BANKS TO PAUSE DECISIONS ON GRANTING NONTRADITIONAL ACCOUNTS UNTIL IT HAS COMPLETED WORK ON NEW POLICY

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.

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