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Hong Kong Trials Gold Clearing System Backed by 11 Banks

7/7/2026

Summary

Story summary

John Lee Ka-chiu announced that Hong Kong launched the trial operation of a gold clearing and settlement system on Tuesday.
Eleven major banks, including JPMorgan Chase, HSBC and UBS, are backing Hong Kong’s new gold clearing system.
HSBC CEO Georges Elhedery said the bank will raise its gold storage capacity to 200 tons after the launch.
Hong Kong is discussing a renminbi-denominated gold futures contract with delivery support from the Shanghai Gold Exchange.

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Story summary

John Lee Ka-chiu announced that Hong Kong launched the trial operation of a gold clearing and settlement system on Tuesday.
Eleven major banks, including JPMorgan Chase, HSBC and UBS, are backing Hong Kong’s new gold clearing system.
HSBC CEO Georges Elhedery said the bank will raise its gold storage capacity to 200 tons after the launch.
Hong Kong is discussing a renminbi-denominated gold futures contract with delivery support from the Shanghai Gold Exchange.