By South China Morning Post | Created at 2024-10-17 05:08:03 | Updated at 2024-10-17 07:21:49
2 hours ago
Hong Kong must move quickly to regain a strong position as a gold trading centre, which could be a “game-changer” for the economy, the city leader has said, as competition heated up in the region following Singapore’s recent opening of a 500-tonne depository.
Chief Executive John Lee Ka-chiu on Thursday admitted that Hong Kong needs 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 another 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,” he added.
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.
The vault is designed to store up to 10,000 tonnes of silver and 500 tonnes of gold.
Lee announced the plan to develop the local gold trading market to bolster the city’s status as a global financial hub, one of three areas mandated by Beijing, alongside maritime and trade.
