The Hong Kong Precious Metals Central Clearing Company, a central clearing system for gold established to achieve Hong Kong’s ambition to become an international gold trading hub, convened its first board of directors’ meeting.

The company, wholly owned by the government, has board members coming from the Shanghai Gold Exchange, regulatory bodies, and 11 banks, all with a good understanding of international financial markets, with rich experience in the finance industry, said Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.

It is high on the agenda of the board to establish the gold central clearing system at full steam, and the firm shall keep up with its preparatory work, targeting to commence trial operations within this year, Hui said.

The board, which Hui chairs, oversees the work of the company in the establishment of the clearing system, monitors its operation and provides strategic direction and steers on its development.

The 11 banks are Agricultural Bank of China Limited Hong Kong Branch, Australia and New Zealand Banking Group Limited, Bank of China (Hong Kong) Limited, Bank of Communications (Hong Kong) Limited, China Construction Bank (Asia) Corporation Limited, Citi Hong Kong, Industrial and Commercial Bank of China (Asia) Limited, JP Morgan, Standard Chartered Bank (Hong Kong) Limited, Hongkong and Shanghai Banking Corporation, and UBS AG.

Sources: The Standard