Hong Kong to bring in measures to boost gold trading

HONG Kong will roll out several measures with the aim of becoming an international trading centre for gold and other commodities, Financial Secretary Paul Chan wrote in his blog on Sunday (Oct 20). 

Policymakers plan to increase gold inventory facilities and accelerate the development of related businesses, such as trading, insurance and logistics, according to Chan. The city’s government will also expand gold-related derivatives trading to satisfy mortgage and hedging needs. 

Chief Executive John Lee said in his 2024 policy address last Wednesday that the government would form a working group to establish a global gold trading centre and enhance its position as an international financial hub. 

Apart from gold-related trading, Hong Kong will also speed up the development of non-metals commodities trading，Chan wrote. The city is studying policies, including tax measures, to encourage large commodities companies to set up offices there.