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FSTB Signs Co-op Deal with Shanghai Gold Exchange; HK Central Clearing System for Gold to Begin Trial Operations This Yr
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) signed today (26th) a co-operation agreement with the Shanghai Gold Exchange during the Asian Financial Forum (A...
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FSTB Signs Co-op Deal with Shanghai Gold Exchange; HK Central Clearing System for Gold to Begin Trial Operations This Yr
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Hong Kong’s Financial Services and the Treasury Bureau (FSTB) signed today (26th) a co-operation agreement with the Shanghai Gold Exchange during the Asian Financial Forum (AFF), marking a new milestone in deepening co-operation between the gold markets of Hong Kong and Shanghai. The FSTB also revealed new moves in six aspects relating to the development of gold market at the same time.

Hui elaborated on the Government's vision and supporting measures for Hong Kong's gold market development. They are, firstly, supporting the Airport Authority Hong Kong (AAHK) and financial institutions in establishing gold storage facilities, with a target to exceed 2,000 tonnes of storage capacity within three years, making Hong Kong a trusted global vault. The AAHK has launched a project to expand warehousing to a thousand-tonne scale, catering to local storage, delivery and transit requirements. Secondly, the FSTB has signed a memorandum of understanding with the Shenzhen Municipal Financial Regulatory Bureau, laying the foundation for processing trade co-operation between Hong Kong and Shenzhen. The next step is to welcome Hong Kong gold traders to engage in substantive co-operation with qualified Shenzhen refining enterprises.

Thirdly, Hong Kong's government-owned central clearing system for gold is on track to begin trial operations this year. Fourthly, for the preferential tax regimes offered to funds and single family offices, the Government will propose including precious metals as qualifying investments. The target is to introduce the legislative proposal in the first half of this year. Fifthly, this week, a new gold fund will list in Hong Kong. Its key features include leveraging Hong Kong's well-established gold infrastructure for physical gold trading and storage, with the option of physical gold redemption at bank. Also, the issuer plans to introduce an unlisted share class for potential distribution through licensed digital asset exchanges, bridging traditional and digital finance.

Sixthly, the release of an outlook by market participants on the development of Hong Kong's sustainable gold governance framework and standards at the gold-themed session of the AFF, with a view to fostering sustainable sourcing, environmental protection, and long-term responsibility standards.

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