Xu Zhengyu: The goal is to establish a gold reserve of 2,000 metric tons in Hong Kong over the next three years

The Secretary for Financial Services and the Treasury, Xu Zhengyu, attended the Asian Financial Forum, where Hong Kong and the Shanghai Gold Exchange signed a memorandum of cooperation regarding the development of the gold market. Xu Zhengyu stated that under the reshaping of geopolitical factors, inflation, and global monetary policy, the strategic importance of gold is increasing; the cooperation between Hong Kong and Shanghai can deepen complementarity and integration while enhancing the influence of the Renminbi internationally.

Xu Zhengyu mentioned that Hong Kong will establish infrastructure such as physical storage and logistics, aiming to build a storage capacity of 2,000 tons in the next three years. The Airport Authority will also further increase the capacity of the airport's precious metals storage to 1,000 tons, while allowing qualified mainland enterprises to participate in trading. In addition, Hong Kong will establish a central clearing system to enhance risk management and settlement mechanism capabilities, and the authorities will promote physical gold redemption and licensed exchanges for gold distribution, among other initiatives