As the "Two Sessions" officially commenced today (March 4), Hong Kong Deputy to the National People's Congress Rock Chen shared his views on gold-related developments with DotDotNews reporters. Chen expressed support for establishing a gold central clearing system in Hong Kong, noting that a one-stop platform enabling investors to complete a series of operations, including storage and delivery, would effectively reduce risks.
Chen suggested that, following the establishment of the gold central clearing system, more renminbi-denominated gold products should be launched to stimulate the use of the Chinese currency. He also expressed hope for introducing a "gold connect" mechanism similar to the Stock Connect, Shanghai-Hong Kong Stock Connect, and Bond Connect programs—essentially providing a closed-loop channel allowing domestic and overseas investors to trade various gold products with each other.
When asked how Hong Kong's financial market should respond to potential gold price volatility amid ongoing instability in the Middle East, Chen responded that he understands the SAR government has already formulated contingency plans for various scenarios. He noted that gold and other precious metals, being safe-haven assets, are likely to see sustained performance amid relatively unstable international circumstances.
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