Core Viewpoint - Hong Kong is set to establish a gold central clearing system to provide efficient and reliable clearing services for various transactions, marking a significant step towards developing an international gold trading market as outlined in the 2025 Policy Address [1][2] Group 1: Establishment of the Gold Central Clearing System - The gold central clearing system will begin trial operations this year, aiming to enhance transaction efficiency and risk management by providing international standard clearing services [1][2] - This system addresses the previous lack of a unified clearing mechanism in Hong Kong, reducing transaction costs and improving the risk management framework [2][3] Group 2: Strengthening Hong Kong's Financial Hub Status - The establishment of the clearing system complements Hong Kong's plans to expand its gold storage capacity to over 2,000 tons within three years, reinforcing its position as a regional gold reserve hub [2][3] - The complete ecosystem of "trading—clearing—delivery—storage" will attract sovereign funds from the Middle East and central banks from Southeast Asia to store gold in Hong Kong [2][3] Group 3: Enhancing International Appeal - The new system aims to attract more international participants by standardizing clearing services, thereby solidifying Hong Kong's status as a major global gold trading market [3][4] - It will facilitate cross-border connectivity and align with national financial opening strategies, promoting the development of gold financing, asset management, and cross-border trade [3][4] Group 4: Collaboration with Shanghai Gold Exchange - A cooperation agreement with the Shanghai Gold Exchange will enhance cross-border precious metal trading and clearing systems, improving the convenience of gold clearing and delivery [4][5] - The collaboration aims to create an "Shanghai Gold + Hong Kong Price" pricing system, complementing Western markets and increasing Asia's weight in global gold pricing [5] Group 5: Focus on Physical Gold and Pricing Mechanism - The central clearing system will emphasize physical delivery, aligning with the Asian market's preference for tangible gold assets, thus attracting more investors focused on physical assets [5] - By lowering barriers for international institutions to participate, the system will diversify the investor base in Hong Kong's gold market, enhancing the authority of pricing mechanisms [5]

今日财讯要览 1 中央企业资产总额突破95万亿元 国务院国资委1月28日在国新办举行的新闻发布会上发布消息，截至2025年底，中央企业资产总额突破95万亿元。2025年，中央企业实现利润总额2.5万亿 元，完成固定资产投资5.1万亿元，上缴税费2.5万亿元，有效带动产业链上下游企业融通发展，为我国经济社会发展主要目标任务圆满实现提供了有力支 撑。 2 2025年全国出入境人员6.97亿人次 2025年，全国出入境人员达6.97亿人次，同比上升14.2%，创历史新高。出入境外国人8203.5万人次，同比上升26.4%。 3 团播行业首次迎来统一规范 近日，中国演出行业协会正式发布《网络表演经纪机构运营服务要求》。此项标准从多维度明确运营规范，尤其针对当下火热的团体直播（简称"团播"） 划定合规红线，标志着团播行业告别野蛮生长，迈入标准化、专业化发展新阶段。 6 来源：千图网 4 国际金价破5300美元 美国纽约商品交易所黄金期货价格1月28日突破每盎司5300美元的历史性关口。1月28日，国内多家品牌金饰价突破1600元。其中，老凤祥黄金足金饰品报 1620元/克，较前一日1576元/克涨44元；周大福黄金足金 ...

泰国新出台 黄金交易限制措施， 过去5年间年均黄金交易额达到或超过1 00亿泰铢的黄金交易商，必须向泰国中央银行报告 其交易活动 。 泰国皇家公报公布的新规规定，过去5年间年均黄金交易额达到或超过100亿泰铢（约合3 .23亿美元）的黄金交易商，必须向 泰国中央银行报告其交易活动。 据泰国央行发布的声明，符合上述标准的黄金交易商同样需要保留至少3年的交易记录。这份声明的日期标注为1月2 3日。 路透社2 7日分析，此举是泰国央行为抑制泰铢持续走强所采取的措施之一。泰国央行认为，近期泰铢升值主要是由黄金交易 推动。 ▲2 0 2 5年1 0月9日，游客身穿泰服在泰国曼谷郑王庙景区拍照。新华社发（拉亨摄） 泰国央行行长先前说，泰国将于本周对黄金交易实施限额，通过线上平台进行的每日交易量可能会被限制在5 00 0万或1亿泰 铢。 继2025年累计升值9%后，今年以来，泰铢对美元汇率已升值约1%。泰国一些行业提出担忧，认为泰铢升值幅度已超出泰国 经济基本面所能支撑的范围。 在泰国，黄金既是保值资产，也是跨境资金流动工具。大量资金通过线上平台买卖黄金，产生巨额泰铢兑换需求。泰国线上 黄金交易平台普遍以泰铢作为报价和结算 ...

Core Insights - Tether Holdings SA has emerged as a significant player in the global gold market, becoming the largest known physical gold holder outside of banks and sovereign nations [1][2] - The company plans to continue investing substantial profits into gold and aims to compete with banks in the metal trading sector, positioning itself as a "gold central bank" [1][6] Group 1: Gold Holdings and Strategy - Tether currently holds approximately 140 tons of gold, valued at around $24 billion, making it the largest gold reserve known outside of central banks and major financial institutions [2] - Over the past year, Tether has purchased over 70 tons of gold, surpassing the official gold purchases of nearly all single central banks, with only Poland's 102 tons being higher [1][5] - The company is acquiring gold at a rate of about 1 to 2 tons per week and plans to maintain this pace for at least the next few months [5] Group 2: Market Impact and Trading Ambitions - Tether's gold purchases have been significant enough to influence global gold prices, contributing to a 65% increase in gold prices over the past year [6][7] - The company aims to create a premier gold trading platform to ensure stable access to gold and capture market inefficiencies, competing with major banks like JPMorgan and HSBC [7] - Tether is also exploring active trading of its gold holdings to capitalize on price discrepancies between futures and spot prices [7] Group 3: Broader Market Context and Future Plans - Tether's interest in gold extends to investments in gold royalty companies, indicating a broader strategy to capitalize on the gold market [8] - The company has launched Tether Gold (XAUT), a token redeemable for physical gold, with a market circulation expected to reach $5 to $10 billion by the end of the year [12][13] - Tether's actions reflect a growing trend among central banks and investors to hedge against the depreciation of the US dollar, positioning gold as a safer asset [9][12]

Core Viewpoint - The surge in gold and silver prices has prompted regulatory adjustments in trading limits and margin requirements by the Shanghai Futures Exchange and the Shanghai Gold Exchange to mitigate market risks [1][5]. Group 1: Market Performance - Gold prices have surpassed $5,300 per ounce, while silver has reached $117 per ounce, marking increases of 22% and 57% respectively within a month [5]. - The market has entered a bullish phase, but increased volatility is raising concerns about potential risks [1][5]. Group 2: Regulatory Adjustments - Starting January 30, 2026, the Shanghai Futures Exchange will adjust the price fluctuation limits for gold and silver futures to 16%, with margin requirements set at 17% for hedged positions and 18% for general positions [4]. - The Shanghai Gold Exchange will also increase the margin level for silver deferred contracts from 19% to 20% and adjust the price fluctuation limit from 18% to 19% [4]. Group 3: Banking Sector Response - Agricultural Bank of China has announced new risk assessment requirements for its gold accumulation business, effective January 30, 2026, requiring clients to achieve a cautious rating or higher [6]. - Industrial and Commercial Bank of China has similarly raised the risk assessment levels for its gold accumulation services, necessitating clients to obtain a balanced rating or above [7][8]. Group 4: Industry Insights - Analysts suggest that the adjustments in risk ratings by major banks are driven by the high volatility and rising gold prices, aiming to protect investors and ensure market stability [9]. - The regulatory focus on investor suitability and risk management is intended to curb speculative behaviors and promote rational investment practices [9].

Core Viewpoint - Tether has emerged as a significant player in the gold market, holding approximately 140 tons of gold valued at around $24 billion, making it one of the largest gold holders globally, second only to central banks, ETFs, and large commercial banks [2][4]. Group 1: Gold Accumulation Strategy - Tether is aggressively accumulating gold at a rate of about 1 to 2 tons per week and plans to continue this purchasing pace for at least the next few months [7][15]. - In the last quarter, Tether purchased an additional 27 tons of gold for its gold-backed stablecoin, which has appreciated by at least $700 million this year [5][4]. - The company acquired over 70 tons of gold last year, surpassing nearly all single central bank purchases, with only Poland's 102 tons being higher [8]. Group 2: Market Impact and Demand - Tether's role as a significant new buyer is expected to sustain gold demand, contributing to a 65% increase in gold prices last year [9]. - The price of gold has surged from $3,858 per ounce in September last year to over $5,200, leading to a value increase of Tether's gold holdings by over $5 billion [4][6]. Group 3: Competitive Positioning - Tether aims to compete directly with traditional financial institutions like JPMorgan and HSBC in the gold trading business [3][15]. - The company has hired two senior gold traders from HSBC to enhance its market activities [16]. Group 4: Gold as a Reserve Asset - Tether views gold as a safer asset than any national currency, emphasizing its liquidity and status as a non-debt asset [21][22]. - The company has also invested in gold royalty companies, acquiring shares in several mid-sized Canadian listed firms [24]. Group 5: Future Prospects - Tether's gold-backed token, Tether Gold (XAUT), is projected to reach a market circulation of $5 billion to $10 billion by the end of the year [27]. - The company is exploring ways to improve the efficiency of its gold purchasing process, as acquiring approximately $1 billion worth of physical gold monthly presents logistical challenges [18][20].

Core Viewpoint - The article discusses the liquidity crisis faced by the Shenzhen-based gold pricing platform "Jie Wo Rui," highlighting the significant amount of unpaid funds exceeding 10 billion yuan and the operational challenges that have arisen as a result of this situation [2][3][7]. Group 1: Financial Situation - The total unpaid funds reported by investors have surpassed 10 billion yuan, with a preliminary tally indicating an unsettled amount of 246 million yuan [3][7]. - Investors have reported difficulties in withdrawing funds, with many applications being rejected or delayed, leading to a growing queue of over 30,000 people waiting for withdrawals [5][7]. - The platform has implemented new rules limiting daily withdrawal amounts to 500 yuan or 1 gram of gold, which has not alleviated the situation for many investors [7]. Group 2: Company Background - Jie Wo Rui is owned by Shenzhen Jie Wo Rui Jewelry Co., Ltd., established in 2014, primarily engaged in the wholesale of non-ferrous metals and ores [8]. - The company originally operated as a gold raw material trader in the Shui Bei area, sourcing gold from upstream suppliers and supplying it to downstream small merchants [8]. Group 3: Regulatory Response - The Shenzhen Luohu District government has formed a task force to address the operational irregularities of Jie Wo Rui, ensuring that the company fulfills its responsibilities and communicates with investors [9]. - The company has announced plans to apply for asset supervision and has committed to not evading its responsibilities, although the specific resolution plan is still under negotiation [7][9]. Group 4: Operational Risks - Industry experts have pointed out that Jie Wo Rui's operational model, which targets retail investors, lacks adequate risk control mechanisms, leading to significant exposure to financial risks [11]. - The platform's marketing strategies, which include promotions and high-yield incentives, have attracted investors who may not fully understand the risks involved [11]. - The operational model involves separating customer deposits and claiming to hedge risks in overseas markets, which raises concerns about the transparency and verification of these transactions [11][16].

泰国央行行长先前说，泰国将于本周对黄金交易实施限额，通过线上平台进行的每日交易量可能会被限 制在5000万或1亿泰铢。 继2025年累计升值9%后，今年以来，泰铢对美元汇率已升值约1%。泰国一些行业提出担忧，认为泰铢 升值幅度已超出泰国经济基本面所能支撑的范围。 在泰国，黄金既是保值资产，也是跨境资金流动工具。大量资金通过线上平台买卖黄金，产生巨额泰铢 兑换需求。泰国线上黄金交易平台普遍以泰铢作为报价和结算单位。（完）（卜晓明） 【新华社微特稿】泰国皇家公报公布的新规规定，过去5年间年均黄金交易额达到或超过100亿泰铢（约 合3.23亿美元）的黄金交易商，必须向泰国中央银行报告其交易活动。 据泰国央行发布的声明，符合上述标准的黄金交易商同样需要保留至少3年的交易记录。这份声明的日 期标注为1月23日。 路透社27日分析，此举是泰国央行为抑制泰铢持续走强所采取的措施之一。泰国央行认为，近期泰铢升 值主要是由黄金交易推动。 ...

Group 1 - The Shenzhen Water Bay gold trading platform has experienced anomalies, with numerous users reporting being "blacklisted" and unable to continue trading [1] - The Shenzhen Luohu District government has issued a situation report regarding Shenzhen Jie Wo Rui Jewelry Co., Ltd. (referred to as "Jie Wo Rui"), which is facing operational irregularities [2] - A task force has been established by the Luohu District to oversee the situation and ensure the company fulfills its responsibilities [2] Group 2 - The management team of Jie Wo Rui, including key personnel, is currently in place and actively engaging with investors regarding asset management and repayment [2] - The task force is in the process of verifying the claims made by investors [2] - Public is advised to approach online information rationally and to invest through legal channels, avoiding rumors [3]

Group 1 - The Thai central bank's governor stated that interest rate cuts cannot resolve structural economic issues and has implemented strict regulations on the gold market, including capping daily online gold trading at 50 million Thai Baht and banning short selling [2][3] - The Thai Baht has appreciated approximately 9% year-to-date against the US dollar, reaching its highest level since March 2021, which has negatively impacted the profits of the export and tourism sectors [2] - The gold market in Thailand has become a key hub for cross-border capital flows, with international funds needing to exchange for Thai Baht to participate in trading, thus increasing demand for the currency [2][3] Group 2 - The Thai central bank aims to cut off capital flows by prohibiting short selling, which reduces high-frequency leveraged trading and the demand for Thai Baht associated with margin calls [3] - New regulations require large gold traders with average annual transactions exceeding 10 billion Thai Baht over the past five years to report to the central bank and maintain records for three years, enhancing market transparency and preventing abnormal capital flows [3] - The international gold price has surged past the $5,200 mark, with daily increases of $100 becoming common, driven by ongoing geopolitical risks and the unresolved US debt crisis [4]