Hong Kong Gold Central Clearing System starts trial operation, JP Morgan and Citigroup express support

The Hong Kong Gold Central Clearing System officially started trial operation today (July 7), with the first batch of gold deposits and initial trading settlements already completed. Participants include multiple banks and their clients, covering mining companies, refineries, jewelers, and other investors, reflecting the market's positive response and high level of attention to this new mechanism. As a direct participant in the trial operation of the Gold Central Clearing System, Kelvin Xing Guan, CEO of J.P. Morgan Hong Kong, expressed support for efforts to strengthen Hong Kong as a major gold trading center in the Asia-Pacific region. Global investors' demand for gold continues to rise, and J.P. Morgan believes that Hong Kong can play an important role in this market by providing liquidity support across time zones and meeting evolving customer needs. Paul Smith, Head of Citi's Financial Markets in Japan, North Asia, and Australia, stated that Citi is pleased to support the development of the Hong Kong precious metals clearing system. The bank is committed to promoting a robust, efficient, and interconnected precious metals ecosystem, and looks forward to continuing close communication with market participants and regulatory authorities to expand and optimize global precious metals market infrastructure.