Hua Er Jie Jian Wen·2025-11-05 07:28Core Insights - Industrial and Commercial Bank of China (ICBC) plans to establish a precious metals vault at Hong Kong International Airport, enhancing its trading operations and supporting Hong Kong's ambition to become a global gold hub [1][2] - The Hong Kong government aims to increase the city's gold storage capacity to over 2,000 tons within three years and establish a central clearing system for precious metals [1][2] - The Shanghai Gold Exchange has already set up its first offshore vault in Hong Kong and introduced two offshore RMB-denominated gold contracts, laying the groundwork for Hong Kong's development as a gold center [1][3] Group 1 - ICBC's Hong Kong branch has leased space in the airport's vault and plans to operationalize it in the coming months [2] - The bank is a clearing member of the Shanghai Gold Exchange, which is the main venue for gold trading in mainland China [2] - The Hong Kong International Airport Authority has plans to increase its vault capacity from 150 tons to 200 tons initially, with a phased expansion to 1,000 tons [2] Group 2 - The Hong Kong government has prioritized the development of the gold market as a key strategy [2] - The establishment of a central clearing system is part of the government's efforts to solidify Hong Kong's position in the global gold market [2] - The backdrop of rising gold prices, driven by economic and geopolitical tensions, further supports the demand for gold as a traditional safe-haven asset [3]