Paragraph 2.12 of Part 2 of Hong Kong’s First Five-Year Plan for Economic and Social Development (2026-2030), announced by the Chief Executive, John Lee, at the Legislative Council on 16 September 2026, states that the Government will develop a commodity trading ecosystem with gold as an entry point. The paragraph sets out coordinated development of the clearing system, storage, supply and infrastructure for gold trading, an increase in the city’s overall gold storage capacity and refining capability, a one-stop gold storage, trading, clearing and service hub with the Mainland, and exploration of renminbi-denominated gold and commodity markets in cooperation with Mainland exchanges including the Shanghai Gold Exchange and the Shanghai Futures Exchange. It carries no tonnage, capacity figure or date for any of them.
Renminbi-quoted physical delivery in Hong Kong already runs on two Shanghai Gold Exchange contracts, iPAu99.99HK and iPAu99.5HK, listed on 26 June 2025 when the exchange established an International Board certified vault at Bank of China (Hong Kong) Limited. On the exchange’s contract specifications, iPAu99.5HK is quoted in yuan per gram, delivers gold ingots of 12.5 kilograms standard weight and minimum fineness 995.0, and settles delivery versus payment on the settlement date at the Hong Kong Certified Vault; iPAu99.99HK delivers 1 kilogram ingots at minimum fineness 999.9 on the same terms. Both admit ingots produced by LBMA Good Delivery refiners alongside SGE Standard Gold Ingot Refiners, and a Good Delivery large bar carries that same 995.0 minimum fineness within a 350 to 430 fine ounce band.
The central ledger of the Hong Kong Precious Metals Central Clearing Company Limited (HKPMCC) takes approximately 400 fine troy ounce bars, holds them unallocated and commingled, and sits at the same bank: Bank of China (Hong Kong) is its settlement institution and designated vault. Metal moves between the two through Delivery Connect, on the physical gold account HKPMCC holds at the Shanghai Gold Exchange, which admitted the company to membership on 7 July 2026. Access differs on each side — the ledger records the balances of participating banks, while an institution trading the Hong Kong contracts needs the exchange’s permission for price-asking spot, forward and swap business. Payment differs as well: the exchange settles its Hong Kong contracts against payment on the settlement date, while the clearing system’s connection to the Real Time Gross Settlement system carries no date.
Deliverable descriptions, vault designation and settlement terms for the Hong Kong contracts are the Shanghai Gold Exchange’s, and participation in the clearing system runs under the HKPMCC Clearing Rulebook. The plan names the Shanghai Futures Exchange as a counterpart and carries no contract, vault or date for it.