财经事务及库务局局长许正宇周四接受《南华早报》独家专访时表示，随着香港加快发展覆盖全链条的国际黄金及贵金属交易生态系统，其独特优势将使其区别于伦敦这一重要贵金属中心。
Distinctive features will set Hong Kong apart from London, a major bullion hub, as the city accelerates efforts to develop an international gold and precious metals trading ecosystem covering the entire value chain, a minister has told the South China Morning Post.
许正宇称，香港将于明年第一季正式启动中央黄金清算平台，该平台将处理实物交付及付款，其中付款环节将与实时总额结算系统挂钩。
In an exclusive interview on Thursday, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the city would officially launch a central gold clearing platform in the first quarter of next year.
他表示，最终目标是将亚洲流动性与国际市场标准接轨，为参与者提供亚洲时区的交易、存储、清算、提炼及风险管理场所。
It would handle both physical delivery and payments, with the latter linked to the real-time gross settlement system.
“我们有信心实现这一目标，因为在亚洲时区，我们认为香港具有独特的优势来做到这一点，”他说。
Hui said the ultimate aim was to connect Asian liquidity with international market standards, giving participants a venue in the Asian time zone for trading, storage, clearing, refining and risk management.
在广泛的访谈中，许正宇还谈及香港推动人民币国际化的努力、中国数字货币e-CNY的发展，以及下周在香港举行的亚太经合组织财长会。
“We are confident achieving [this] because in the Asia time zone we see Hong Kong as uniquely positioned to do that,” he said.
当被问及沙特央行近期退出mBridge是否对该项目造成打击时，许正宇表示项目将继续推进。由中国主导的多边央行数字货币平台被视为传统美元主导支付体系的替代方案。
In the wide-ranging interview, Hui also discussed the city’s efforts to promote the international use of the yuan, the development of China’s digital currency, the e-CNY, and next week’s Apec finance ministers’ meeting in Hong Kong. Asked whether the Saudi Central Bank’s recent departure from mBridge had dealt a blow to the project, Hui said it would press ahead.
沙特央行作为关键参与方，上月确认其已退出该项目，原因是其去年5月完成了其所描述的有限概念验证试点。
The China-led multilateral central bank digital currency platform is seen as an alternative to the traditional US dollar-dominated payments system.
“从根本上说，我们试图通过香港，同时通过这些措施，以这样的方式吸引行业内不同参与方，使他们能够参与一些实际案例或新案例来测试这项技术，”许正宇说。
The Saudi Central Bank, a key participant, confirmed last month that it had left the project after completing what it described as a limited proof-of-concept trial in May last year.
“因此，尽管技术已经如此，人们仍然能看到其好处。与此同时，香港应该做的是继续贡献我们的专业知识，也保持我们在此的相关性。”香港是mBridge的创始成员和共同开发者。
“Fundamentally, what we try to do is, through Hong Kong, at the same time through these measures, to engage different players across the industry in such a way that they can work on some live cases or new cases to test out this technology,” Hui said. “So technology as it is, people still see the benefit. At the same time, what Hong Kong should do is continue contributing our expertise and also our relevance here.”
该市也在加速发展其黄金交易生态系统，作为其首个五年计划（至2030年）的关键部分。该举措旨在支持中国大陆黄金经济的发展，该经济结合了全球最大的国内黄金生产和消费市场。
Hong Kong is a founding member and co-developer of mBridge. The city is also accelerating the development of its gold trading ecosystem as a key part of its first five-year plan, which runs to 2030.
许表示，政府所有权和支持、集成的交收付款对付（DVP）结算以及与上海的合作，将使香港的服务与众不同。这种跨境合作将使存放在香港的符合条件的黄金可用于在两个市场进行交易结算。
The initiative is intended to support the development of mainland China’s gold economy, which combines the world’s largest domestic gold production and consumption markets. Hui said government ownership and backing, integrated delivery-versus-payment settlement and cooperation with Shanghai would distinguish Hong Kong’s offering.
当被问及香港与新加坡作为区域黄金交易中心的竞争时，许表示，香港专注于提升自身表现。
The cross-border cooperation would allow eligible gold stored in the city to be used to settle trades in both markets.
“香港所尝试做的，始终是与自己竞争，因为从根本上说，我们必须专注于我们能够控制的领域，”他说。他对香港的竞争优势充满信心。
Asked about competition with Singapore as a regional gold trading hub, Hui said Hong Kong was focused on improving its own performance. “What Hong Kong tries to do is always to compete against ourselves because fundamentally we have to focus on areas that are within our control,” he said.
“全球大宗商品市场与其他市场的区别在于，它真正不仅仅是关于金融的市场，还紧密联系着实体经济，”他说。
He expressed confidence in Hong Kong’s competitive advantages.
“它还必须涉及储存、物流，当然还有交易。此外，在处理争议时，也可能涉及一些法律问题。
“What sets a global commodities market from the other markets is that it is really a market that is not just about financials but also close to the real economy,” he said.
“因此，实际上，这是一个完整的价值链，涉及到在今年年底前成立的这个行业协会的潜在组成。”许补充说，经过7月的试运行，集成的交收付款对付（DVP）结算服务预计将于明年第一季度正式上线。
“It has to be about also storage, about logistics, and also, at the same time, about trading, of course. And also when it comes to disputes, there could also be some legal issues. “So actually, it’s a whole value chain in terms of the potential composition of this industry association to be set up before the end of this year.”
“英国的清算系统目前由伦敦金银市场协会运营，这是一个行业协会，”他说。“但香港的清算所是由政府拥有和运营的。因此，我认为这种政府支持在可信度方面使我们与众不同。
Hui added that following a trial in July, the integrated delivery-versus-payment settlement service was due to launch officially in the first quarter of next year. “The clearing system now in the UK is run by the London Bullion Market Association, which is an industry association,” he said.
“在该背景下，香港与伦敦的另一个不同之处在于，我们目前的系统不仅能够进行实物交割，还能进行货币结算。”许表示，已有11家银行参与了付款结算安排，其他银行也表达了强烈的加入意愿，并补充称该市将与伦敦协会讨论交割标准的合作。
“But the clearing house in Hong Kong is owned and run by the government. So I think this government backing sets us apart in terms of credibility. “Another thing that is different between Hong Kong and London in that context is the fact that our current system will not just do physical delivery but also money settlement.”
许，他负责监督清算设施的董事会，表示上海证券交易所的一名代表担任副主席。根据跨境交割互联互通安排，存放在香港认证金库中的实物黄金可用于结算在本地市场和上海国际板交易的合约。
Hui said 11 banks were already taking part in the payment settlement arrangements and others had expressed strong interest in joining, adding that the city would discuss cooperation on delivery standards with the London association. Hui, who chairs the board overseeing the clearing facility, said a representative of the Shanghai Bourse served as deputy chair.
“如果有黄金既能满足香港合约的结算，又能满足上海合约的结算，他们可以使用香港的金库，既服务于香港市场，也服务于上海市场，以此完成结算，”他说。“这是香港独有的领域。”他补充说，政府计划在三年内将香港的黄金储存能力提升至2000吨以上，其中一半位于机场，其余部分预计将来自私营部门。一些金炼厂也已在该市成立。
Under the cross-border delivery connect arrangement, physical gold stored in certified Hong Kong vaults can be used to settle contracts traded in the local market and on Shanghai’s international board. “If there is gold that is going to satisfy both the settlement in the Hong Kong contract and the Shanghai contract, they can use the vaults in Hong Kong, catering for both the Hong Kong market and the Shanghai market to do that,” he said. “It is an area that is uniquely Hong Kong.”He added that the government was aiming to increase Hong Kong’s gold storage capacity to more than 2,000 tonnes within three years, with half at the airport and the remainder expected to come from the private sector.
当被问及香港如何能帮助内地在黄金定价方面获得更大影响力时，许表示，这将在香港吸引足够的市场参与者并建立足够流动性之后实现。
Some gold refineries have also been established in the city.
“我把定价更看作一种结果，也就是说，一旦我们积累了足够的流动性，同时在此处拥有一定量的黄金，那么它最终会实现。”他强调了建立市场参与者临界质量的重要性。
Asked how Hong Kong could help the mainland gain greater influence over gold pricing, Hui said this would come once the city had attracted enough market participants and built sufficient liquidity. “I see pricing more as an outcome, in the sense that once we build up a sufficient liquidity, at the same time a quantum of gold here, so it will eventually come,” he said, stressing the importance of building a critical mass of market participants.
在产品方面，许强调了美元计价黄金期货合约的重新推出，并表示人民币计价合约的细节将在今年年底前公布。
On products, Hui highlighted the relaunch of a US dollar-denominated gold futures contract and said details of a yuan-denominated contract would be announced before the end of this year.
随着这项工作的推进，许希望在明年四月香港举办伦敦金银市场协会全球贵金属会议时，能够分享香港黄金交易生态系统的最新进展。
With this work under way, Hui hoped to share the latest developments in Hong Kong’s gold trading ecosystem when the city hosted the London Bullion Market Association Global Precious Metals Conference in April next year.
回顾他在意大利索伦托参加的本月会议，他表示行业利益相关者对香港的计划作出了积极回应。
Reflecting on this month’s conference in Sorrento, Italy, which he attended, he said industry stakeholders had responded positively to Hong Kong’s plans.
“首先，他们对该项目的及时性印象深刻，在这种变化的地缘政治世界中，”他说，并补充道，他们也对香港的生态系统方法、“具体计划”和“香港速度”印象深刻。许表示，该倡议自2024年10月施政报告宣布以来进展迅速。
“First of all, they are quite impressed in terms of the timeliness of this project, in a sense that in this world of changing geopolitics,” he said, adding that they were also impressed with the city’s ecosystem approach, its “concrete plans” and “Hong Kong speed”. Hui said the initiative had progressed rapidly since its announcement in the October 2024 policy address.