GOLD MARKET WORKING GROUP SET UP

The Government today announced the establishment of the Working Group on Promoting Gold Market Development.

The move follows the Chief Executive's announcement in the 2024 Policy Address to establish a working group under the Financial Services & the Treasury Bureau to comprehensively review all aspects relating to the development of a gold market, take forward the establishment of an international gold trading centre, and formulate plans on enhancing the trading and regulatory mechanisms of the market, conducting domestic and overseas promotion, etc.

Chaired by the Secretary for Financial Services & the Treasury, the working group comprises government officials, representatives of regulatory bodies, financial institutions, exchanges and industry stakeholders. It will also invite other industry experts to participate in discussions on specific issues.

Secretary for Financial Services & the Treasury Christopher Hui said the establishment of an international gold trading centre is a new entry point to consolidate and enhance Hong Kong's status as an international financial centre.

“In this year's Policy Address, the Chief Executive stated that we would attract physical gold storage, drive gold trading, settlement and delivery activities, and even propel Hong Kong into being a gold trading centre.”

Mr Hui highlighted that the Government will promote the development of world-class gold storage facilities and building on the increased gold holdings; scale up associated support and financial services such as insurance, testing and certification, logistics, etc; as well as expand related derivative transactions such as collateral, loans and hedging, hence creating a comprehensive ecosystem in a progressive manner.

“This will promote a comprehensive multicurrency trading, clearing, delivery, and regulatory system, thereby establishing a holistic gold trading centre. We will also explore mutual access with the Mainland financial market when appropriate.”

He added that the working group, which brings together industry leaders and professionals as well as representatives of financial regulators and market participants, will hold its first meeting this month.

“I look forward to working closely and actively discussing with members on formulating a comprehensive implementation plan for the development of Hong Kong's gold market.”

Click here for the membership list.

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