The company operating Hong Kong’s gold clearing and settlement system has been admitted as an international member of the Shanghai Gold Exchange, according to a circular released on Tuesday.
The Hong Kong government is “striving to build an international gold trading market in Hong Kong, including the establishment of the Hong Kong gold central clearing system, to attract the storage, clearing and delivery of physical gold in Hong Kong, drive the development of related services such as trading, risk management, insurance, warehousing and logistics, and gradually build a comprehensive gold trading ecosystem”, Hong Kong Chief Executive John Lee Ka-chiu said in a statement released on Monday.
The local authorities were expected to put clearing data into the new system on Monday, with the first gold settlement to be processed through it on Tuesday, according to industry sources.
More to follow ...