Substantial progress in HK gold hub push: Hui
Financial Services and the Treasury Secretary Christopher Hui on Thursday said Hong Kong had made substantial progress in becoming a global gold trading centre — and more is still to come. Speaking on RTHK's Backchat programme, Hui said a clearing system had been trial operating since July and has already seen a large amount of gold deposited. By the end of the year, he added, HKEX will announce details of renminbi (RMB) gold futures, with the clearing system to be formally launched in the first quarter of next year. Hui said the goal is to combine the strengths of the world's three existing gold trading hubs — the UK, the US and Switzerland — into a single platform. "What we hope to achieve is with this change in geopolitics and also with the growing desire for investors to diversify, they can within the Asia time zone find these three functions together in Hong Kong," he said. "We have storage with clearing, at the same time we have futures traded here and also we have refinery. And that's exactly what we are aiming at in our overall gold development plan." On the internationalisation of the RMB, Hui said Hong Kong had been continuously...
Read full articleMore News
Analysis: Trump's shock Russia deal highlights mounting pressure to curb fuel prices
The US president hopes to ease his party's pain before next month's midterm elections, writes the BBC's North America correspondent.
Trump Announces White House Inquiry Into Fed Governor Lisa Cook
President Trump said the White House would investigate unsubstantiated claims that Lisa D. Cook committed mortgage fraud and hold a hearing next month.
Private Medicare Plans Are Raising Costs And Forcing Millions To Find New Insurance
As enrollment for Medicare Advantage begins this month, older Americans are confronting fewer options because insurers are discontinuing coverage in many areas.
Trump wants to reduce the cost of fuel as the midterms loom - will it work?
The price of fuel has soared as the cost of living emerges as a key issue for millions of Americans.
Target Says It’s Not Working With ICE Amid Uproar Over Parking Lot Use
The retailer came under attack for being a staging area for immigration officers after Thursday’s shooting in New York City.
China and Europe Step Back From Trade War With Limits on Chinese Car Exports
The European Union said the deal could roughly halve shipments of hybrid vehicles from China in the next four years. But it also could lead to an even stronger Chinese auto industry.
How Correspondent Banking Can Enable Sanctions Evasion
The correspondent system for banking has enabled globalism — and has been exploited by companies trying to skirt U.S. sanctions.
Trump Sends Obamacare ‘Refund’ Checks Ahead of Midterm Elections
The $500 checks are accompanied by a letter signed by the president that criticizes the Biden administration for overcharging Americans for health insurance.
Burnham promises to curb non-compete rules in job contracts
The prime minister says restrictions on what workers can do after leaving roles have "gone too far".
Whistle-Blower Says I.R.S. Leaked His Tax Records in Retaliation
Brian J. Visalli, a veteran investigator of tax fraud, said in a lawsuit that the agency had sent his personal and tax information to federal prosecutors.
Ex-Deutsche Bank trader jailed for rigging rates has conviction overturned
The Court of Appeal quashes the conviction of Christian Bittar, a former Deutsche Bank trader jailed in 2018.