By Yihui Xie
Bloomberg News
Tuesday, May 19, 2026
Hong Kong plans to launch a new gold-clearing system by July, advancing the city's ambitions to become a global hub for bullion trading.
The government-owned mechanism will mirror the financial infrastructure used in London, the world's largest bullion market, and allow participants to settle trades through unallocated accounts, people familiar with the matter said, requesting anonymity as they are not authorized to speak to the media.
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Unallocated accounts allow for faster and more scalable trading, which is important for liquidity. They permit customers to hold a claim against the clearer on a quantity of gold without the need to own specific, numbered bars. Most precious metals traded in London are cleared in this way.
Hong Kong has invited a number of China-friendly central banks to participate in the clearing system as part of a push to promote itself as a trading, financing, and storage hub. The special administrative region has also signed a cooperation pact with the Shanghai Gold Exchange and plans to expand gold-storage capacity to 2,000 tons within three years. ...
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