香港正在争夺全球黄金定价权

Core Viewpoint - The establishment of a central clearing system for gold in Hong Kong is set to enhance its position as an international financial center and improve the efficiency and security of gold transactions, addressing long-standing market bottlenecks [2][4][6]. Group 1: Market Context - Gold prices have reached historical highs, with spot prices hitting $5,598 per ounce on January 29, 2026, and domestic prices in Shanghai rising to 1,243.40 yuan per gram [2]. - The global geopolitical climate, increased central bank gold purchases, and the acceleration of the internationalization of the renminbi are driving factors behind the rising gold prices [2][4]. - In 2025, global central banks purchased a net total of 634 tons of gold, with expectations for total purchases to reach between 750 tons and 900 tons for the year [5][6]. Group 2: Central Clearing System - Hong Kong has lacked a unified central clearing mechanism for gold trading, relying on a bilateral clearing model that has led to high costs and risks [4][5]. - The new central clearing system aims to integrate clearing, storage, and trading, enhancing operational efficiency and reducing transaction costs [8][9]. - The system is designed to facilitate cooperation between Hong Kong and the Shanghai Gold Exchange, allowing for efficient connections between renminbi-denominated gold products [6][10]. Group 3: Infrastructure and Governance - The Hong Kong government has established a wholly-owned company to govern the central clearing system, ensuring collaboration between government, financial regulators, and major banks [6][8]. - The system will enhance the safety and public nature of gold transactions while integrating with existing market institutions [9][10]. - Plans are in place to increase gold storage capacity at Hong Kong International Airport to over 2,000 tons within three years [8]. Group 4: Product Innovation - The central clearing system will support the diversification of gold financial products, including traditional ETFs and digital innovations [13][14]. - 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 [14]. - The development of tokenized gold products is being explored, with a focus on establishing a regulatory framework to ensure asset security and integrity [15]. Group 5: Regional Cooperation - The collaboration between Hong Kong and Shenzhen in gold refining and trading is expected to enhance Hong Kong's capabilities and attract more international gold enterprises [16][17]. - The integration of the central clearing system with the Shanghai Gold Exchange's offshore delivery warehouse will facilitate a dual-currency pricing system for gold [17][18]. - The establishment of a "Shanghai-Hong Kong dual hub" is anticipated to strengthen China's influence in the global gold market [10][11].