Policy Address

Expedite the Building of an International Gold Trading Market

97. I have accepted the recommendations of the Working Group on Promoting Gold Market Development. The FSTB will implement the relevant initiatives, including:

  1. Support the Airport Authority Hong Kong (AAHK) and financial institutions to establish Hong Kong's gold storage facilities, with a target gold storing capacity of over 2 000 tonnes in three years, propelling Hong Kong into a regional gold reserve hub.

  2. Encourage gold traders to set up or expand refineries in Hong Kong, and explore with the Mainland the feasibility of processing supplied materials in the Mainland to produce refined gold for exporting to Hong Kong for trading and delivery.

  3. Establish a central clearing system for gold in Hong Kong to provide efficient and reliable clearing services for transactions of gold in compliance with international standards, and invite the participation of the Shanghai Gold Exchange to prepare for mutual market access with the Mainland in the future.

  4. Offer a greater variety of gold investment vehicles by assisting issuers in issuing gold funds, and support the development of new investment products such as tokenised gold.

  5. Support the setting up of a trade association for the gold industry, with a view to establishing an exchange platform with the Government and regulators, stepping up promotional efforts and attracting more B&R clients, while strengthening talent training.

98. The International Board of the Shanghai Gold Exchange has set up its first offshore delivery vault in Hong Kong and launched new contracts for delivery in Hong Kong. We will continue to promote co-operation between the gold markets of the two cities.