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Hong Kong draws large gold bars ahead of clearing mechanism launch
By Yihui Xie
Bloomberg News
Monday, June 22, 2028
At least four of the 11 banks participating in Hong Kong's new gold clearing system are importing large bullion bars in preparation for the mechanism's planned launch in July.
Traders are receiving orders from some of the clearing banks to move 400-ounce gold bars into the city, according to people familiar with the matter. The bars meet the London Good Delivery industry standard, said the people, who asked not to be named because they are not authorized to speak to media.
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The 400-ounce bars are typically traded by banks and sovereign entities in London, the largest bullion trading hub, but are less common in the Asian market, which is dominated by much smaller kilobars. The banks need to build up inventories to allow for physical delivery when clearing begins next month, some of the people said. ...
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