GO
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2026-06-22 15:06:32 At least 4 of the 11 banks participating in Hong Kong's new gold clearing system are importing large bullion bars in preparation for the mechanism’s planned launch in July, Bloomberg reported, citing sources. Traders have received instructions from some clearing banks to ship 400-ounce gold bars to Hong Kong, according to people familiar with the matter. These bars meet the London Good Delivery industry standard. All 11 banks are board members of the Hong Kong Precious Metals Central Clearing Company Limited. Some sources said certain banks will become clearing banks at launch, while others may need more time to build up their gold business capabilities. Hong Kong plans to adopt the London Good Delivery standard at launch, while its longer-term plans remain to be determined. The 400-ounce gold bar is typically traded in London, the world’s largest gold trading hub, mainly among banks and sovereign entities, but is relatively uncommon in Asian markets where kilogram bars dominate. Some sources noted that banks need to build inventory to facilitate physical delivery when clearing begins next month. ~ AASTOCKS Financial News Website: www.aastocks.com | |