Core Viewpoint - The Hong Kong government is accelerating the establishment of an international gold trading market, including the creation of a central clearing system for gold transactions, aiming to enhance its position as a global gold trading hub [1][3]. Group 1: Government Initiatives - The Hong Kong government will implement recommendations from the "Gold Market Development Working Group" to establish a central clearing system for gold, ensuring efficient and reliable clearing services for international standard gold trading [1]. - The government aims to enrich gold investment tools and support the issuance of gold funds and new products, such as tokenized gold investment products [3]. - Plans include the establishment of a gold industry association to facilitate communication between the industry and regulatory bodies, promoting collaboration with "Belt and Road" countries [3]. Group 2: Infrastructure Development - The government targets to exceed 2,000 tons of gold storage capacity within three years by expanding gold storage facilities at the airport and financial institutions [3]. - There are initiatives to encourage gold merchants to establish or expand refining facilities in Hong Kong and collaborate with mainland China for processing and exporting refined gold [3]. - The establishment of a central clearing system is seen as a crucial step towards achieving long-term connectivity in the gold market, drawing on experiences from stock, bond, and fund market interconnectivity [3]. Group 3: Market Trends - The liquidity of COMEX gold futures has significantly increased during Asian trading hours, with the volume rising from approximately 25% to over one-third of total trading volume by the second quarter of 2025, indicating growing interest in derivative trading among regional investors [4]. - The Hong Kong government plans to develop international-grade gold storage facilities to attract investors from the Middle East and Southeast Asia, enhancing the overall ecosystem with services like insurance, certification, and logistics [4].

对于黄金仓储，施政报告中提到，要推动香港机场管理局及金融机构在港拓展黄金仓储，以三 年超越2000吨为目标，建造区域黄金储备枢纽；推动金商在港建立或扩建精炼厂，并与内地研 究在内地进行来料加工，精炼黄金后出口至香港作交易及交割用途。 香港立法会议员李惟宏对21世纪经济报道记者表示，此次施政报告在去年提出建设黄金交易中 心的基础上，进一步明确了具体推进方向。包括 加强仓储等基础设施建设，以及建立中央清 算系统——这是实现中长期互联互通目标的重要基础。 参考股票、债券及基金市场互联互通 机制的发展经验，黄金市场的互联互通也需逐步推进，率先构建完善的清算系统将为后续合作 奠定坚实基础。 9月17日，香港特区政府行政长官李家超发表2025年施政报告，宣布香港将加速建立国际黄金 交易市场，并已接纳 "推动黄金市场发展工作小组" 的建议，由香港财库局落实。特区政府将 建立香港黄金中央清算系统，为国际标准黄金交易提供高效可信的清算服务，并邀请上海黄金 交易所参与，为未来与内地市场互联互通做好预备。 李家超表示，香港要丰富黄金投资工具，协助发行人发行黄金基金，支持开发新产品，如代币 化黄金投资产品。特区政府会支持业界成立黄金 ...