The Secretary for Financial Services and the Treasury, Mr Christopher Hui, attended the Global Precious Metals Conference 2026 organised by the London Bullion Market Association (LBMA) in Sorrento, Italy, on October 6 (Sorrento time). He articulated to delegates from the worldwide precious metals industry Hong Kong's master plan in building a gold-trading ecosystem that is supported with government-led infrastructure, market-informed governance and commercially driven activities. 

     At a panel discussion session, Mr Hui was joined by a representative from the Monetary Authority of Singapore to discuss "The Next Chapter in Gold - How Hong Kong and Singapore are Reshaping Market Dynamics". Mr Hui said that Hong Kong, uniquely positioned in terms of its strategic location, international financial centre status and common law legal system, has been working at full steam to build a gold-trading ecosystem that would connect existing gold markets and add usable liquidity to the international market.

     He elaborated, "We have already moved from planning to the full implementation stage. Our trial operation of the Hong Kong Gold Central Clearing and Settlement System has been well received. In addition to the 11 banks serving as provisional direct participants of the settlement system, other banks have also expressed interest in joining the settlement system, which is scheduled to be formally launched in the first quarter of next year. Meanwhile, we are in the final stages of connecting the System with Hong Kong's Real Time Gross Settlement system to enable Delivery versus Payment settlements. Our objective is to reduce settlement risk and operational friction, giving participants a reliable foundation on which they could build their businesses. The Government is also giving a big push in drawing private market participation in expanding gold storage capacity and refining capability through different policy strategies including exploring tax concessions to give add-on attractiveness along with the current tax-free policy on activities like gold import and export."

     Mr Hui also announced to the audience that the LBMA is going to cohost its Asia Forum with the Hong Kong Special Administrative Region Government and the Hong Kong Precious Metals Central Clearing Company Limited (HKPMCC) in Hong Kong next April. He said that he is thrilled with the decision by the LBMA as it is a significant endorsement to Hong Kong's rapid gold development in these two years. With the gold central clearing and settlement system officially launched by then, the Government will take the occasion to showcase to international and Asian participants the city's capability in aligning with international standards and how the industry can utilise Hong Kong as a trusted platform to connect international and Mainland gold markets. 

     On aligning with international standards, Mr Hui highlighted that the Government and the LBMA are exploring ways to materialise co-operation on delivery standards. He said the move, if materialised, will help embed internationally recognised standards in Hong Kong's gold infrastructure, laying a trustworthy foundation for industry engagement.

     Besides speaking at the panel discussion session, Mr Hui also met with the LBMA Chair, Mr Peter Zöllner, for an in-depth exchange on global precious metals market trends and ways to strengthen connectivity between Hong Kong and London gold markets.

     He then met with the President of the Swiss Precious Metals Association, Mr Christoph Wild, and its Executive Director, Dr Sabrina Karib, to discuss sustainable strategies in aligning with international standards of the gold market and to explore room for collaborations. 

     Mr Hui also met with the Managing Director and Global Head of Metals Trading at Deutsche Bank, Mr Prakash Shah, and the Director of Precious and Base Metals, Global Markets at Deutsche Bank, Mr Rao Sheng, to update them on the latest gold market developments in Hong Kong.

     The Chief Executive Officer of the HKPMCC, Mr Bryan Chan, joined Mr Hui for the trip. He attended the Asia Working Group meeting and luncheon on October 5 (Sorrento time) at the Conference to brief industry stakeholders on gold infrastructure developments in Hong Kong, including Delivery Connect, launched with the Shanghai Gold Exchange.

     The Global Precious Metals Conference is an annual flagship event for the international bullion and metals industry. This year, more than 1 000 delegates from across the precious metals industry are engaging to conduct focused debates and build lasting connections. 

     Mr Hui will visit multiple leading refineries for gold of international standard in Ticino, Switzerland, on October 7 (Ticino time) and meet with their senior management.

Ends/Wednesday, October 7, 2026
Issued at HKT 11:04

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