Exchange Fund could buy more gold to boost trade
Hong Kong is considering tapping into the Exchange Fund to buy more gold as part of efforts to boost trade in gold and transform the city into a world trading centre for the precious metal, according to Chief Executive John Lee. The fund serves as the city's de facto sovereign wealth fund and war chest to defend the Hong Kong dollar's peg to the US dollar, totalling HK$134.7 billion in the first six months of this year. In delivering his Policy Address, Lee noted that the Hong Kong Monetary Authority (HKMA), the city's de facto central bank that manages the fund, is exploring the possibility of raising the Exchange Fund's gold holdings and participating in the local spot and futures market. "It (HKMA) is also considering gradually transferring its physical gold holdings to designated vaults appointed by the Hong Kong Precious Metals Central Clearing Company Limited (PMCC)," Lee added. The PMCC is a government-owned company that previously launched a trial clearing and settlement system for gold in early July. Speaking at the Legislative Council, Lee said the gold clearing and settlement system would start its official operations in the first quarter of next year, adding that a dedicated hotline would also be set up...
Read full articleMore News
Trump faces growing backlash over plans to import diesel from Russia
Both Republican and Democratic lawmakers have criticised the deal, which was announced weeks before the US midterm elections.
Citroen revives the 2CV for an electric age
The French firm is reinventing the classic model as carmakers come under pressure from Chinese rivals.
Ukraine strikes Yandex data centre in third attack on Russian tech giant
It is the third time this week that Ukraine has targeted Russian tech giant Yandex, forcing the company to suspend its operations.
China's tech tourism boom reshapes inbound travel and shopping
China's tech tourism boom reshapes inbound travel and shopping
A Contagious Aversion to Overhead Lights
Plus: How far to go for a colleague, and now your chance to give someone advice.
Three Mark Zuckerbergs, Three Surprisingly Different Men
Jeremy Strong in “The Social Reckoning,” Jesse Eisenberg in “The Social Network” and the real Meta executive are all playing parts. But only one has changed his approach.
San Francisco Is Still Pushing to Turn Offices Into Homes
The city has not completed a single office-to-housing conversion, despite hopes to meet housing demand and inject life into empty downtowns.
CSRC holds expert forum on capital market and financial landscape
The China Securities Regulatory Commission held in-depth exchanges with heads of some listed companies and experts from securities and fund institutions on October 10 in Beijing.
EU faces mounting pressure amid concerns over winter energy supplies
The European Union is heading into winter with gas storage at its lowest seasonal level in more than a decade, while geopolitical tensions and rising energy costs are adding pressure on households and businesses.
EU official: Exchanges with China have reached unprecedented intensity
European Commissioner for Trade and Economic Security Maros Sefcovic said on Friday during a press conference in Beijing that exchanges with Chinese counterparts had reached unprecedented levels of intensity over the past three to four months, stressing that negotiations are key to addressing trade issues. A third regular meeting of the two sides' consultation mechanism will take place in March 2027.
Charities and businesses wrestle with diesel cost
Cancer charity Daft as a Brush and Teesside Minibus Hire say they are struggling with pump prices.
Justice Dept. Is Investigating TV Networks Over Trump Pool Coverage
Major TV networks were notified on Friday that the department was examining whether they violated antitrust laws when they suspended pool coverage of President Trump.