Hong Kong and Shanghai will sign a memorandum of understanding next week to establish a cross-border gold trade clearing system, a move aimed at boosting Hong Kong’s role as an international gold trading hub, Financial Secretary Paul Chan said.
The agreement is expected at the 19th Asian Financial Forum, Chan said, paving the way for greater connectivity between the two markets.
“We are accelerating the push to establish a central clearing system as a vital piece of financial infrastructure, to enhance the reliability and efficiency of gold trading and delivery in Hong Kong, lower transaction costs and increase liquidity,” Chan wrote in his weekly blog.
Trial operations are planned for later this year, with the Shanghai Gold Exchange invited to participate.
The initiative comes amid rising investor interest in gold, as geopolitical tensions and a pivot away from U.S. dollar-denominated assets boost demand. Gold prices surged more than 60% in 2025, the sharpest annual gain since 1979, while global demand reached $146 billion in the third quarter, up 44% year-on-year, according to Chan.
The cross-border clearing system is intended to make gold trading more seamless, supporting Hong Kong’s ambitions to become a top international hub for precious metals.
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