Hong Kong, Uzbekistan deepen gold market cooperation
RTHK · 2 SOURCESabout 5 hours ago5 MIN
Summary
Hong Kong and Uzbekistan exchanged a memorandum of understanding at the Belt and Road Summit on Wednesday to deepen cooperation in gold markets and related financial market infrastructure. The agreement sets out a framework for both sides to explore how Hong Kong’s international financial platform and precious metals infrastructure can work with Uzbekistan’s strengths as a major gold producer and reserve holder
Key Points
- Secretary for Financial Services and the Treasury Christopher Hui Ching-yu (許正宇) exchanged the memorandum with Abror Mirzo Olimov, deputy chairman of the Central Bank of Uzbekistan, at the Belt and Road Summit on September 9
- The memorandum covers exchanges of information, knowledge and experience on gold and precious metals markets and the financial infrastructure that supports their operations.
- It also includes discussions on services provided by the Hong Kong Gold Exchange Clearing Company’s central gold clearing and settlement system.
- Another focus is potential opportunities and market conditions for the Central Bank of Uzbekistan to participate in Hong Kong’s precious metals business through the Hong Kong Gold Exchange Clearing Company.
- Hui also co-chaired a roundtable with Uzbekistan Prime Minister Abdulla Nigmatovich Aripov and met representatives from Hong Kong’s financial sector and businesses, while a bilateral meeting with Uzbekistan’s central bank is scheduled for Thursday, September 10.
Why It Matters
For Hong Kong, the agreement adds a concrete project to its push to build a fuller commodities trading ecosystem and develop into an international gold and commodities hub. It also strengthens official-level ties with Uzbekistan after the chief executive’s June visit to Central Asia and could open a new channel for cross-border precious metals activity through Hong Kong’s market infrastructure