In May 2025, the Shanghai Gold Exchange (SGE) announced plans to establish a new gold vault in Hong Kong. This initiative aims to enhance the influence of its Renminbi-denominated gold products in the international market.
The vault will be operated by a subsidiary of the Bank of China, providing clearing services for Renminbi-denominated gold contracts. This move is part of China's strategy to internationalize the Renminbi and increase its influence in global gold pricing.
Hong Kong, as an international financial center, has been actively promoting itself as a global gold trading hub in recent years. The establishment of the gold vault in Hong Kong will further promote the internationalization of Renminbi-denominated gold products and enhance China's influence in the global gold market.