Hong Kong Launches Trial of Gold Clearing, Settlement System

MT Newswires Live12:32

Hong Kong began the trial operation of its central clearing and settlement system for gold, according to a government press release on Tuesday.

The new system, operated by the government-owned Hong Kong Precious Metals Central Clearing Company, provides clearing and settlement services for bilateral and over-the-counter gold transactions.

The government also launched the initial phase of Delivery Connect with the Shanghai Gold Exchange, enabling the transfer of physical gold between Hong Kong and Shanghai.

Industrial and Commercial Bank of China (HKG:1398, SHA:601398), HSBC (HKG:0005), and Bank of China (Hong Kong) (HKG:2388) completed the first two-way transfers under the program.

Other initiatives include the launch of a Hong Kong gold price ticker, developed with Bloomberg, plans to expand gold storage capacity and refining capability, and broaden gold investment products.

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