Hong Kong inaugurates trial operation of gold clearing and settlement system

Hong Kong inaugurated the trial operation of a gold clearing and settlement system on Tuesday, a step towards building the city into a trading hub and price-setter for the precious metal. The decision was announced by Chief Executive John Lee Ka-chiu at the Hong Kong FIC & Bond Connect Summit. “The government-owned Hong Kong Precious Metals Central Clearing [Company] will offer a comprehensive suite of services ranging from gold deposits and withdrawals to transaction settlements in the...