Global market: Hong Kong launches gold clearing system, revives futures trading to strengthen bullion hub ambitions

Hong Kong has launched a gold clearing system and revived futures trading to strengthen its ambitions of becoming Asia's leading bullion trading hub. The city also introduced a Delivery Connect scheme with the Shanghai Gold Exchange for cross-border gold settlements and is evaluating yuan-denominated gold futures contracts. Tax incentives for gold trading and settlement activities are also being introduced, as Hong Kong competes with Singapore for dominance in regional gold trading, storage and settlement.