Christopher Hui, Secretary for Financial Services and the Treasury, stated that there is a plan to include precious metals in the preferential tax investment scope for funds and family offices.

This will include local gold products and ETFs, with the aim of promoting the development of ETFs and physical gold products to enhance Hong Kong’s appeal as an international gold trading hub.

The Hong Kong Precious Metals Central Clearing Company Limited, chaired by Hui, has been in trial operation since this year. By far, more than 10 local, mainland, and overseas banks have joined the board of directors.

In the future, these banks will connect to the settlement system to provide financial contract settlement services to clients. Moreover, an operator will be designated to manage the settlement system.

Sources: aastocks