The establishment of the Hong Kong Gold Settlement Company, following a cooperation agreement signed between Hong Kong and Shanghai, is set to bolster the influence of Hong Kong's gold market during Asian trading hours. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, who chairs the initiative, noted that global gold pricing is currently dominated by the UK, the US, and China. He emphasized that Hong Kong's gold market had a solid foundation even before the 1980s, positioning it well to reclaim its historical advantages and, through collaboration with Shanghai, expand its footprint across the Asian time zone.

Hui pointed out that the Shanghai Gold Exchange has achieved remarkable success in global pricing and is actively pursuing international expansion, having previously established a delivery warehouse in Hong Kong. He believes the partnership will leverage Shanghai's expertise and systems to further enhance the credibility and participation in Hong Kong's overall gold market. He stated that gold, as an international product with strong common characteristics, offers an opportunity through this cooperation to amplify the "Chinese voice" in the gold market, capitalize on Hong Kong's strengths in financial development, and simultaneously elevate the role of the renminbi in internationalization.

Furthermore, Hui revealed that Hong Kong International Airport is intensively working to expand its gold vault capacity from 200 tonnes to 1,000 tonnes. The goal is to increase Hong Kong's total gold storage to over 2,000 tonnes within three years. This expansion is also expected to spur demand for other financial and professional services, including financing, insurance, trading, and settlement. He mentioned that the financial services sector constitutes approximately one-quarter of Hong Kong's Gross Domestic Product.

Hui also highlighted that after the London Metal Exchange recognized Hong Kong as a delivery point for non-ferrous metals, 15 storage facilities have been established in the city within just one year, holding around 20,000 tonnes of metals such as copper and aluminum. Additionally, following the Policy Address's proposal to develop the gold market, Swiss precious metals refiner MKS PAMP has set up its third regional headquarters in Hong Kong. Hui concluded that developing the gold market will create various opportunities within the value chain, including storage, and will also benefit businesses across different value chains, such as asset management and family offices.