Author: Zhang Feng
Recently, the Hong Kong Financial Services and the Treasury Bureau (FSTB) officially signed a cooperation agreement with the Shanghai Gold Exchange, marking a new phase in the collaboration between the gold markets of Hong Kong and Shanghai. This is not only an upgrade of traditional financial infrastructure but is also seen as an important strategic layout for the development of digital finance in Hong Kong. The cooperation focuses on jointly building a central gold clearing system in Hong Kong, aiming to promote connectivity between the two markets and create an integrated gold ecosystem.
I. Objectives, Measures, and Vision of Cooperation
Main Objective. The purpose of this cooperation is to promote the coordinated development of Hong Kong and Shanghai as international financial centers and important gold markets, which is a key step in Hong Kong's construction of an "International Gold Trading Center." By leveraging the mature experience and infrastructure of the Shanghai Gold Exchange, Hong Kong aims to quickly enhance its professional capabilities in gold trading, clearing, and storage, while attracting international participants through the synergy between the two regions to build a cross-regional gold circulation system.
Main Measures. The cooperation focuses on two major areas: first, the establishment of a high-level governance structure, creating the Hong Kong Precious Metals Central Clearing System Limited, wholly owned by the Hong Kong SAR government, with FSTB Secretary Xu Zhengyu as the chairman of the board and a representative from the Shanghai Gold Exchange as the vice-chairman. The Shanghai Gold Exchange will deeply participate in system preparation, rule formulation, institutional recognition, and risk management, promoting the efficiency and internationalization of the clearing platform. Second, the interconnection of physical and market aspects, relying on the physical storage management system of the Shanghai Gold Exchange to explore providing physical gold storage services for local and international participants in Hong Kong; simultaneously advancing the interconnection mechanism of the gold markets in both regions to create an "integrated, efficient, and open gold ecosystem."
Goals and Vision. The short-term goal is to pilot the Hong Kong Gold Central Clearing System by 2026 and promote the inclusion of precious metals in the tax incentives for Hong Kong funds and single-family offices. In the medium to long term, the focus is on forming an international gold trading system driven by the dual cores of Shanghai and Hong Kong, achieving smooth circulation of physical gold and financial products, and enhancing China's influence in global gold pricing.
II. Impact on Hong Kong's Digital Financial Infrastructure
The establishment of the gold central clearing system is essentially a digital and modern upgrade of financial infrastructure. Although gold itself is a traditional physical asset, the full process of its trading, clearing, storage, and derivative issuance is becoming an important component of digital financial infrastructure.
First, the system will promote the digitalization of clearing and custody. By connecting with the Shanghai Gold Exchange's system, Hong Kong can introduce mature digital storage management and clearing technologies from the mainland, achieving real-time rights confirmation, traceable transactions, and automated clearing of gold assets. This not only enhances efficiency but also lays the foundational groundwork for the future tokenization of gold assets (such as gold stablecoins and digital gold certificates).
Second, the system will strengthen Hong Kong's digital connectivity as an international financial hub. The system design emphasizes "alignment with international standards," meaning it will be compatible with mainstream international clearing protocols and data standards, facilitating cross-border gold trading and clearing. In the era of digital finance, such connectivity infrastructure is key to attracting global capital and technology companies.
Finally, the system could serve as a model for the integration of digital finance and the real economy. By combining physical gold storage with digital trading, it explores an integrated digital management model of "physical flow - information flow - capital flow," providing a reference for the digital trading of other physical assets such as commodities and artworks.
III. Impact on Digital Asset Issuance and Trading
As a physical asset with universally recognized value, gold's integration with digital finance will open up new pathways for "tokenization of physical assets."
On one hand, the system provides a credible foundation for the issuance of gold-related digital assets. Recently, gold funds have been listed in Hong Kong, characterized by relying on local gold infrastructure for physical gold trading and storage. In the future, based on the same infrastructure, digital assets anchored to gold (such as gold tokens) can be issued and traded on compliant trading platforms. These digitally backed assets are more likely to gain the trust of institutions and high-net-worth investors.
On the other hand, the cooperation will promote the diversification of the digital asset trading ecosystem. Traditional financial products such as gold derivatives, gold ETFs, and gold futures can gradually evolve towards digitalization, fragmentation, and cross-border integration. The interconnection between Shanghai and Hong Kong will also help form a cross-border digital gold trading market, enhancing liquidity and attracting more digital asset issuers and trading platforms to establish a presence in Hong Kong.
This cooperation will substantially advance the process of asset tokenization between Shanghai and Hong Kong, creating a replicable model of "physical assets + digital rights." Gold, as a high-value and easily stored physical asset, provides a credible digitalization template for underlying assets through the standardization and interconnection of its clearing and storage systems, which can be directly extended to the tokenization exploration of other commodities, luxury goods, and even real estate.
For Hong Kong, this system enhances its credibility as an international asset tokenization hub, attracting more issuers and investors to participate in the issuance of digitally backed assets. For the mainland, leveraging Hong Kong's common law system and international capital channels can safely pilot the cross-border digital circulation of assets and expand the overseas application scenarios for RMB-denominated digital assets.
In the long run, the technical mutual recognition, regulatory collaboration, and cross-border clearing standards formed through gold cooperation between the two regions will lower institutional and operational thresholds for broader asset tokenization businesses, accelerating the formation of a cross-regional digital asset market ecosystem.
Therefore, this clearing system may eventually expand to other precious metals and commodities, forming a multi-asset class digital trading ecosystem that further enriches the structure and depth of Hong Kong's digital asset market.
IV. Impact on Global Rule-Making Power in Digital Finance
The cooperation between Hong Kong and Shanghai is not only about market and technology integration but also about the collaborative construction of rules and standards. In the field of digital finance, the dominance of rules often depends on the design and governance model of core infrastructure.
In this cooperation, the participation of the Shanghai Gold Exchange in the rule-making and risk management of Hong Kong's clearing system means that the two regions will gradually align in areas such as gold trading, clearing, and data standards. If this model is successful, it could form a set of gold digital trading standards that integrate Chinese practices with international norms, providing a paradigm for other categories of digital assets.
Moreover, Hong Kong, with its common law system and regulatory environment aligned with international standards, has the opportunity to promote such standards globally. Especially in the context of digital asset regulation becoming an international focus, if Hong Kong can use gold cooperation as a starting point to lead or participate in the formulation of international rules for digital commodity trading, it will significantly enhance its voice in global digital finance governance.
In the long run, this "mainland practical experience + Hong Kong international platform" cooperation model can serve as a springboard for China to participate in and even lead international rules in digital finance, particularly in key areas such as digital currency, digital securities, and cross-border payments.
V. Infusing "Golden Soul" into Hong Kong's Digital Finance
The gold cooperation between Shanghai and Hong Kong goes far beyond building a clearing system. It injects a dose of "golden soul" that integrates the physical and digital, connecting the mainland with the global in the context of the booming development of digital finance. Through gold, an ancient and universal asset class, Hong Kong is exploring a financial upgrade path that is rooted in real value while embracing digital innovation.
In the future, with the pilot implementation of the gold central clearing system and the optimization of related tax systems, Hong Kong is expected to attract more institutional investors, technology companies, and digital asset issuers to develop in the region. The deep collaboration between Shanghai and Hong Kong will also provide an important support point for China in the global digital finance competition.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
