Hong Kong Financial Secretary Christopher Hui: Shanghai and Hong Kong join forces, 2,000 tons of gold reserves establish a "new foundation" for the RMB
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金十数据 March 12 - Xu Zhengyu, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, recently revealed in an exclusive interview that the over-the-counter gold central clearing system being promoted in Hong Kong will be strongly supported by government credit, which differs from the model in Europe and the United States that relies more on market participants. The relevant platform company will be chaired by Xu Zhengyu, with a representative from the Shanghai Gold Exchange serving as vice chairman. Currently, more than ten domestic and overseas banks have agreed to participate. Hong Kong hopes to use this initiative to gradually connect the clearing, delivery, and storage chains behind spot gold trading, thereby improving market efficiency and international appeal. According to the plan, Hong Kong aims not only to expand its gold reserves and clearing system in the future, but also to simultaneously enhance its layout of financial products such as gold ETF, promote coordinated development in storage, settlement, trading, product innovation, and talent cultivation, and form a complete chain from "physical gold" to "financial gold."
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