This is a direct swipe at the global metals market status quo currently dominated by the COMEX and London Metals Exchange (LME), which transacts $13.5 TRILLION worth of metals annually. Together with the Shanghai Metals Exchange, China stands to take a BIG bite out of this exclusive club.
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Hong Kong will roll out several measures with the aim of becoming an international trading center for gold and other commodities, Financial Secretary Paul Chan wrote in his blog Sunday.
Policymakers plan to increase gold inventory facilities and accelerate the development of related businesses, such as trading, insurance and logistics, according to Chan. The city’s government will also expand gold-related derivatives trading to satisfy mortgage and hedging needs.
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