Hong Kong’s Financial Services and the Treasury Bureau said Jan. 26 that it signed a cooperation agreement on precious metals trading with mainland China’s Shanghai Gold Exchange at the Asian Financial Forum being held in Hong Kong. The agreement includes setting up a new company, the Hong Kong Precious Metals Central Clearing System, fully funded by the Hong Kong government.
The Hong Kong Precious Metals Central Clearing System will be chaired by Financial Services and the Treasury Secretary Christopher Hui, with a Shanghai Gold Exchange representative serving as vice chair. A Hong Kong central clearing system specializing in gold trading, managed by the company, is expected to begin a pilot run within the year.
The agreement also includes support to expand gold storage capacity at the Airport Authority Hong Kong and financial institutions. The goal is to increase capacity to more than 2,000 tons within three years.
Hui said the Hong Kong government plans to submit a bill in the first half of this year to include precious metals among eligible investments for tax incentives for “single family offices,” including those set up for funds or a single wealthy family.
* This article has been translated by AI.
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