争夺全球黄金定价权 香港在下一盘什么“大棋”｜中环观察

Core Viewpoint - The establishment of a central clearing system for gold in Hong Kong is expected to enhance its position as an international financial center and improve the efficiency and safety of gold transactions, addressing long-standing market bottlenecks [1][5][14]. Group 1: Market Context and Growth - Gold prices have surged, reaching a historical high of $5,598 per ounce on January 29, 2026, with an approximate 18% increase since the beginning of the year [1]. - Hong Kong's gold trading market has seen significant growth, with daily trading volume reaching HKD 2.9 billion in November 2025, more than doubling year-on-year [2]. - The global demand for gold is rising, with central banks reportedly purchasing between 750 to 900 tons of gold in 2025, reflecting gold's status as a key reserve asset [3][14]. Group 2: Central Clearing System Development - The Hong Kong government has announced the launch of a central clearing system for gold, which aims to fill a critical gap in the market and facilitate better integration with global gold markets [1][5]. - The new system will operate under a governance structure that includes major banks and financial regulators, ensuring a collaborative approach to its implementation [6][5]. - The system will integrate clearing, storage, and trading, enhancing operational efficiency and reducing transaction costs [7][6]. Group 3: Infrastructure and Collaboration - The Hong Kong government is investing in advanced gold storage facilities, aiming to increase capacity to over 2,000 tons within three years [7]. - The collaboration between Hong Kong and the Shanghai Gold Exchange is expected to create a dual hub for gold trading, enhancing pricing influence and resource allocation in the global market [9][13]. - The establishment of a unified clearing platform will facilitate smoother transactions between mainland China and Hong Kong, addressing current market fragmentation [3][9]. Group 4: Product Innovation and Diversification - The central clearing system will support the development of diverse gold financial products, including ETFs and tokenized gold assets, catering to both institutional and retail investors [10][11]. - The launch of the Hang Seng Gold ETF, which allows for physical gold redemption, marks a significant step in product innovation within the Hong Kong market [10]. - The integration of traditional gold products with digital financial innovations is expected to attract more international investors and enhance market liquidity [10][11]. Group 5: Strategic Implications - The establishment of the central clearing system is seen as a proactive measure by Hong Kong to align with national financial strategies and enhance its global competitiveness [14][5]. - The move towards a RMB-denominated gold market is anticipated to facilitate cross-border transactions and attract more international participation [14][9]. - The collaboration with mainland China in refining and trading gold is expected to leverage Hong Kong's unique advantages, further solidifying its role in the global gold market [12][13].