Hong Kong’s metal storage hits 30,000 tonnes in push to become global commodity hub

Hong Kong’s push to develop into a premier gold and commodity trading hub has gained momentum, with local metal storage surpassing 30,000 tonnes, a minister has said, as the administration positions the city as the destination of choice for global capital.

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Friday the government would expand renminbi settlement of payments for mainland Chinese services, such as buying water from the Dongjiang, in a bid to boost the globalisation of the yuan.

Chief Executive John Lee Ka-chiu rolled out an array of measures in his annual policy blueprint on Wednesday to accelerate the growth of the city’s international gold trading market, including a Joint Working Group on Commodity Trading chaired by Hui.