Overview
- The agreement, signed at the Asian Financial Forum, sets up cooperation to build a centralized trading and clearing system for gold.
- Hong Kong plans to lift vault capacity from roughly 150 tonnes to 2,000 tonnes within three years to support its bid as a regional reserve hub.
- A new clearing company, reportedly named Hong Kong Precious Metals Central Clearing Co., will be chaired by Christopher Hui with an SGE representative as deputy.
- The Shanghai Gold Exchange will provide technical support, help draft rules, screen participating institutions, and take a governance role.
- Gold prices hit a record above $5,000 per ounce, underscoring demand for secure storage and efficient clearing infrastructure.