Shanghai Gold Exchange Launches Hong Kong Vault
Hong Kong sees a boost as a global hub for precious metals with the Shanghai Gold Exchange opening an offshore vault in the city.
The Shanghai Gold Exchange (SGE) has launched an international board-certified vault in Hong Kong, according to a statement. It also launched gold trading contracts for delivery in the city and «multiple domestic and foreign institutions successfully completed transactions».
SGE was established by the People’s Bank of China in 2002. It has warehouses in Shanghai and Shenzhen.
Hong Kong-Shanghai Action Plan
In a separate statement, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui said the new vault furthers the global footprint of renminbi-denominated gold trading and he highlighted a recently signed agreement between the city and Shanghai.
«Last week, the Hong Kong Special Administrative Region Government and the Shanghai Municipal Government signed the Action Plan for Collaborative Development of Shanghai and Hong Kong International Financial Centers. This case stands as a successful example of Shanghai-Hong Kong collaborative development,» Hui said.
«The SGE's establishment of a certified vault in Hong Kong will, on one hand, attract more international investors to participate in the SGE's trading and, at the same time, increase gold storage in Hong Kong, thus driving the development of related services. This will undoubtedly give impetus to our development of an international gold trading center.»
