Hong Kong bets on gold to build commodity trading hub

The city will expand its gold storage and refining capacity.

Hong Kong plans to develop a commodity trading ecosystem with gold as the initial focus, with efforts covering clearing, storage, supply, and related trading infrastructure.

The city will seek to expand its gold storage capacity and refining capability, whilst developing infrastructure for international-standard gold trading, says Chief Executive John Lee ahead of his 2026 Policy Address.

Authorities also plan to attract more gold traders and financial institutions to establish a presence in Hong Kong, alongside increased training for local talent and the exploration of preferential policies for gold-related businesses.

The initiative will also deepen links between Hong Kong and Mainland gold markets, with plans to promote mutual market access and develop an integrated hub covering gold storage, trading, clearing, and related services.

Hong Kong will explore the development of RMB-denominated gold and commodity markets, including greater cooperation with Mainland exchanges such as the Shanghai Gold Exchange and the Shanghai Futures Exchange.

It will also seek to expand the range of RMB-denominated products and attract more international investors.

Beyond gold, Hong Kong plans to expand commodity trading in the offshore RMB market.

The city will leverage its status as an approved delivery point within the London Metal Exchange's global warehousing network to develop businesses spanning commodity trading, risk management, and financing.

It will also explore new investment channels and expand the range of RMB-denominated and RMB-settled commodity futures and options traded in Hong Kong.

The use of RMB for pricing and settlement in spot commodity transactions will also be encouraged.

The plans include developing RMB-denominated commodity trading in a way that complements the Mainland market, including cooperation with the Qianhai Mercantile Exchange.