Hong Kong is inviting China-friendly central banks to join its gold-clearing
system as part of a push to become a major bullion-trading hub, aiming to rival
London. Targeting countries involved in Beijing's Belt and Road initiative, Hong
Kong seeks to enhance its role in global gold trade and support the yuan’s
international appeal. This move complements Beijing’s efforts to attract gold
storage on the mainland. Hong Kong plans to trial its government-run clearing
system this year and expand gold-storage capacity to 2,000 tons in three years.
