Source: Hong Kong Government special administrative region
FSTB welcomes Shanghai Gold Exchange’s launch of International Board certified vault in Hong Kong???
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The SGE’s decision to establish its first International Board certified vault in Hong Kong offers international investors an option for delivering gold offshore. This marks a key stride in the internationalisation of our country’s gold market, extending the global footprint of RMB-denominated gold trading, and further strengthening Hong Kong’s role in the regional market. The Government is pushing ahead with the development of an international gold trading centre in Hong Kong to tap into new growth areas for financial services as well as to consolidate and enhance Hong Kong’s status as an international financial centre. As such, I have engaged with various stakeholders from overseas and the Mainland during my recent duty visits to gather their views on this initiative. The SGE’s establishment of a certified vault in Hong Kong will, on one hand, attract more international investors to participate in the SGE’s trading and, at the same time, increase gold storage in Hong Kong, thus driving the development of related services. This will undoubtedly give impetus to our development of an international gold trading centre.”
He added, “Hong Kong has the unique advantages under the ‘one country, two systems’ principle and is able to provide comprehensive financial, logistics, and shipping services. Coupled with a deep offshore Renminbi liquidity pool, international institutional investors will enjoy facilitation in their participation in gold trading with delivery in Hong Kong. Last week, the Hong Kong Special Administrative Region Government and the Shanghai Municipal Government signed the Action Plan for Collaborative Development of Shanghai and Hong Kong International Financial Centres. This case stands as a successful example of Shanghai-Hong Kong collaborative development. I look forward to the further deepening of co-operation, expansion of mutual market access between the two markets, and scaling up of two-way participation between Hong Kong and Shanghai by complementing the advantages of the two leading international financial centres under the ‘one country, two systems’ framework.”Issued at HKT 17:34
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