Xu Zhengyu: More than 10 local and overseas banks participate in the Hong Kong gold settlement company, the first board meeting will be held in the short term.

Hong Kong and Shanghai signed a cooperation agreement to establish the Hong Kong Precious Metals Central Clearing System Limited (Hong Kong Gold Clearing Company). The Director of Financial Services and the Treasury Bureau, Christopher Hui, who serves as the Chairman, stated that over 10 local and overseas banks are participating, and a board meeting will be held in the short term. In a radio interview, he mentioned that the pricing power of the global gold market is mainly held by the UK, the US, and China. In the Asian time zone, Shanghai has become an important representative for gold price fixing, while Hong Kong, as an international financial center, can play a bigger role in driving development together. With its gold storage facilities, Hong Kong can collaborate with the future plans of the Shanghai Gold Exchange, and leverage its international platform to promote the development of the gold market in multiple directions. He also pointed out that although the Hong Kong Gold Clearing Company is fully owned by the Hong Kong government, the board of directors mostly consists of market representatives. Given the significant changes happening, government credibility is crucial to ensure operational marketization and professionalism. Once the clearing system is completed, more over-the-counter contracts will be traded in Hong Kong, boosting the demand for financial, insurance, and compliance professional services. Christopher Hui stated that in order to support the development of the gold market, the authorities have included commodity trading talents in the talent list, allowing overseas professionals to apply for entry to Hong Kong through a points-based system. Moreover, they encourage companies to mentor new professionals and provide professional training to support the long-term development of the market.