Hong Kong should transfer rapidly to regain a robust place as a global gold buying and selling centre, which could be a “game-changer” for the financial system, the town chief has stated, as competitors heats up within the area following Singapore’s latest opening of a 500-tonne depository.
Chief Government John Lee Ka-chiu on Thursday admitted that Hong Kong wanted to take motion to construct up its gold and commodity buying and selling market which at the moment “has a low base”.
In August, non-public metals firm Silver Bullion unveiled a six-storey vault occupying 16,700 sq. metres (180,000 sq ft) close to Singapore’s Changi Airport. The vault is designed to retailer as much as 10,000 tonnes of silver and 500 tonnes of gold.
Monetary Secretary Paul Chan Mo-po stated authorities had been absolutely conscious of the market competitors however had been assured in Hong Kong’s skill to succeed.
“Hong Kong may be very properly positioned. And one distinctive benefit that we now have, which the opposite cities within the area wouldn’t have the ability to get pleasure from, is the robust help from the central authorities, that means that the completely different events on the mainland would have the ability to give us help in taking ahead this initiative,” he stated. “The problem earlier than us is how one can converge the availability and the demand and make the most of it.”
