A new clearing system and tenfold storage expansion signal Beijing's push to make Hong Kong a serious rival to London and Singapore in global gold markets. 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 Shanghai Gold Exchange has operated a yuan-priced gold benchmark, the Shanghai Gold Fix, since 2016. The Delivery Connect program directly addresses friction in cross-border metal movement by giving international participants a Hong Kong gateway that operates under common law and familiar financial regulation.