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HK Purportedly Pursuing Support from BRI Countries to Become Gold Trading Hub
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Hong Kong is ambitiously pursuing participation from central banks of countries involved in the Belt and Road Initiative (BRI) in its gold settlement system, Bloomberg, citing people with the knowledge of the matter, reported. This is part of Hong Kong's plan to become a major gold trading hub, positioning itself as an alternative center outside of London. This initiative by Hong Kong purportedly complements China's recent efforts to encourage other countries to store gold in China and is part of a strategic plan to enhance the international appeal of the RMB as an investable asset. Hong Kong has already received support from several banks, including HSBC HOLDINGS (00005.HK), STANCHART (02888.HK), BANK OF CHINA (03988.HK), and ICBC (01398.HK), in its development as a gold hub, report told. At this juncture, Hong Kong is still formulating the details of the proposed clearing system, including the types of gold bars allowed for delivery and the currencies used for settlement. AASTOCKS Financial News Website: www.aastocks.com |
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