MINING REFINING

Hong Kong to bring in measures to boost gold trading — financial secretary

Sun Oct 20 2024

Hong Kong will roll out several measures with the aim of becoming an international trading center for gold and other commodities, Financial Secretary Paul Chan wrote in his blog Sunday.

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 Wednesday that the government would form a working group to establish a global gold trading center 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.

Source: https://theedgemalaysia.com/