FINANCE

Hong Kong Debuts Central Gold Clearing System to Boost Pricing Power

Published: Jul. 7, 2026 3:44 p.m. GMT+8

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Hong Kong Chief Executive John Lee announced the trial run of the city’s central gold clearing system began on July 7. Photo: Wang Xiaoqing/Caixin

Hong Kong kicked off a trial run for its central gold clearing system Tuesday, a crucial step in its push to become a global pricing hub.

Unveiled by Chief Executive John Lee, the initiative includes a “Delivery Connect” mechanism with the Shanghai Gold Exchange. The cross-border link allows traders to settle transactions using physical assets in both cities.

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Hong Kong began trial run of central gold clearing system, aiming to become global pricing hub.
"Delivery Connect" with Shanghai Gold Exchange enables cross-border settlement using physical assets.
Board includes 11 banks (JPMorgan, Citigroup, UBS, HSBC); Bloomberg partnership for HAU price ticker; tax incentives and storage expansion planned.

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Who’s Who

JPMorgan: According to the article, JPMorgan is one of the global heavyweight banks represented on the board of the company operating Hong Kong’s new central gold clearing system, which launched a trial run in March 2025 as part of the city's effort to become a global pricing hub.

Citigroup: Citigroup is one of the 11 global banks represented on the board of Hong Kong's new central gold clearing system, launched in a trial run to boost the city's status as a global pricing hub. The initiative includes a cross-border link with the Shanghai Gold Exchange.

UBS: According to the article, UBS is one of 11 global banks represented on the board of the company operating Hong Kong's new central gold clearing system. This initiative, unveiled by Chief Executive John Lee, aims to establish Hong Kong as a global gold pricing hub.

HSBC: HSBC is one of the 11 banks represented on the board of the company operating Hong Kong's new central gold clearing system. It joins other global heavyweights like JPMorgan, Citigroup, and UBS in supporting the initiative, which aims to establish Hong Kong as a global gold pricing hub.

Bank of China (Hong Kong) Ltd.: Bank of China (Hong Kong) Ltd. serves as the settlement institution and designated vault for Hong Kong’s new central gold clearing system, which began a trial run to boost the city’s role as a global pricing hub.

Bloomberg: Bloomberg partnered with Hong Kong to launch a dedicated gold price ticker, HAU, as part of the city's push to become a global pricing hub. This collaboration supports the central gold clearing system trial run and helps establish a global benchmark for gold trading.

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