HK Stock Market Move | BOC Hong Kong (02388) rose nearly 3%, the company will actively participate in the construction of the Hong Kong gold central clearing system.

BOC HONG KONG (02388) rose by nearly 3%, rising by 2.71% to HK$40.86 as of the time of publication, with a turnover of HK$263 million. On the news front, on January 26, Chief Executive of the Hong Kong Special Administrative Region, John Lee Ka-chiu, stated at the 19th ASIA FINANCIAL Forum that Hong Kong will establish a gold central clearing system to provide efficient and reliable clearing services for various transactions in line with international standards. The gold central clearing system, led by the Hong Kong SAR government, will be launched for trial operation this year. Hong Kong will also expand gold investment channels and establish a commodity trading organization in Hong Kong. Over the next 3 years, Hong Kong will increase its gold storage to 2,000 tons and build a regional gold reserve hub. BOC HONG KONG Vice President Wang Huabin stated that the bank fully supports the Hong Kong SAR government's efforts to accelerate the establishment and optimization of the gold market infrastructure and promote the latest measures in Shanghai-Hong Kong cooperation. The new measures demonstrate the joint determination and confidence of the two major international financial centers in Shanghai and Hong Kong to jointly build the Asian gold eco-circle. As the designated overseas trading and custody warehouse of the Shanghai Gold Exchange in Hong Kong with Asia's leading fully automated three-dimensional gold storage, BOC HONG KONG will leverage its cross-border service advantages, actively participate in the construction of the gold central clearing system, support the cooperation in the Shanghai-Hong Kong gold market, and promote innovation in related products.