HKEX(HK:00388) Sou Hu Cai Jing·2025-07-15 12:46Core Insights - The rise of the Hong Kong gold exchange is reshaping the global gold trading landscape, with a significant increase in daily trading volume and pressure on traditional markets [1][3][5] Group 1: Market Dynamics - In Q1 2025, the average daily trading volume of spot gold on the Hong Kong exchange exceeded 150 billion RMB, marking a year-on-year increase of over 40% [1] - Hong Kong's trading hours effectively bridge the gap between the London close and New York open, enabling nearly 24-hour continuous global gold trading [5] - The growth of RMB-denominated products is challenging the dominance of the US dollar in gold trading, providing new options for global participants [6] Group 2: Strategic Positioning - Hong Kong's geographical advantages and robust financial infrastructure support its role as a key player in the gold market, backed by strong demand from China and Southeast Asia [3][6] - The integration of offshore RMB gold contracts has facilitated direct settlement in RMB, reducing currency risk for regional users [3] - The Hong Kong exchange is becoming a crucial hub connecting Western financial systems with Eastern physical markets, as noted by a senior gold strategist [6] Group 3: Competitive Landscape - The emergence of a "three-pillar" structure in the global gold market, with Hong Kong joining London and New York, is expected to enhance market efficiency but also intensify competition [8] - Companies like Jinrong China are capitalizing on the opportunities presented by Hong Kong's rise and RMB internationalization, expanding their global footprint [7] - The evolving dynamics of gold flow are indicative of a significant shift towards a new global order in gold trading, with Hong Kong at the center of this transformation [8]