陈茂波：香港正加紧推动建立黄金中央结算系统

Core Viewpoint - The Hong Kong government is accelerating the establishment of a gold central clearing system, aiming for a trial run within the year, and is inviting the Shanghai Gold Exchange to participate [1][3]. Group 1: Market Demand and Trends - There is a growing demand from international investors for diversified asset allocation beyond US dollar assets, with gold's role as a central bank reserve, investment product, and risk hedging tool being reinforced [3]. - Gold prices have increased by over 60% cumulatively in 2025, marking the largest rise since 1979 [3]. - Global gold demand value rose by 44% year-on-year, reaching $146 billion by the third quarter of 2025 [3]. Group 2: Hong Kong Gold Market Activity - The Hong Kong gold spot trading market has become significantly more active, with the average daily trading volume of the Hong Kong Gold Exchange increasing by over twofold year-on-year to HKD 2.9 billion by November 2025 [3]. - Currently, the over-the-counter gold trading in Hong Kong requires both parties to settle transactions independently, which presents inconveniences [3]. Group 3: Infrastructure Development - The Hong Kong government is pushing for the establishment of a gold central clearing system as a crucial financial infrastructure to enhance the reliability and efficiency of gold trading and physical delivery, reduce transaction costs, and increase liquidity [3]. - A memorandum of cooperation will be signed with the Shanghai Gold Exchange at the upcoming 19th Asian Financial Forum to announce the latest plans for strengthening the gold central clearing system and prepare for future connectivity with the mainland Chinese market [3].