Chinese bank backs Hong Kong gold trade
The Chinese Central Bank continues to strengthen its gold reserves in Hong Kong to support the city's efforts to become a global bullion trading hub. Over recent months, gold storage has increased from London to Hong Kong. This coincides with the launch of a new system for gold clearing and pricing in the city, aimed at enhancing its regional position and competing with international markets. By the end of June, China had purchased gold for the twentieth consecutive month, supporting the prices of the precious metal, which remained above $4,000 an ounce after reaching a record peak of $5,600 in January. There is also growing interest from institutional investors in exchange-traded funds to capitalize on current prices.
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