Published: 12:53pm, 17 Oct 2024Updated: 3:03pm, 17 Oct 2024
Hong Kong must move quickly to regain a strong position as an international gold trading centre, which can be a “game-changer” for the economy, the city leader has said, as competition heats up in the region following Singapore’s recent opening of a 500-tonne depository.
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Chief Executive John Lee Ka-chiu on Thursday admitted that Hong Kong needed to take action to build up its gold and commodity trading market which currently “has a low base”.
“We have a gold vault of around 150 tonnes at the airport, but recently a country constructed a vault with a capacity of 500 tonnes,” he said on a radio show a day after delivering his annual policy address.
“We have a lot to keep up with, we need to take action now.”
In August, private metals company Silver Bullion unveiled a six-storey vault occupying 16,700 square metres (180,000 sq ft) near Singapore’s Changi Airport.
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The vault is designed to store up to 10,000 tonnes of silver and 500 tonnes of gold.
Lee announced the plan to expand the city’s gold trading market internationally to bolster Hong Kong’s status as a global financial hub, one of three areas mandated by Beijing, alongside maritime and trade.