Hong Kong launched the trial operation of a new central gold clearing and settlement system on July 7, 2026, marking what officials hope is the beginning of a significant shift in how physical gold moves through Asia. The system was developed by the Hong Kong Precious Metals Central Clearing Company Limited, a government-wholly-owned entity known as HKPMCC.
The clearing platform supports unallocated, international-standard gold transactions, with plans to connect it to Hong Kong’s Real-Time Gross Settlement system for Delivery-versus-Payment settlement.
Also launched on July 7 was the initial phase of a program called “Delivery Connect,” designed to smooth the physical movement of gold between Hong Kong and Shanghai. That program flows directly from a cooperation agreement signed with the Shanghai Gold Exchange in January 2026.
The HKPMCC board includes 11 banks alongside government representatives and regulators, giving the structure a hybrid public-private character.
A tenfold bet on storage
