Hong Kong Begins Trial Operation of New Gold Clearing System Hong Kong has launched the trial operation of a new gold clearing system, backed by several major banks, in a key step toward its ambition to become a significant bullion-trading hub with price-setting power. The mechanism will help lay the groundwork for the city to contribute a global reference rate for the gold-trading market, Hong Kong Chief Executive John Lee said on Tuesday at the Hong Kong FIC & Bond Connect Summit. “The goal, of course, is to build a highly sophisticated, institutional gold-trading market in Hong Kong,” he said. “That includes significantly strengthening our gold storage and refining facilities in the coming years.” (Bloomberg)