Hong Kong lawmaker urges central bank gold reserves to be stored in city
Hong Kong lawmaker Chan Chun-ying suggested the government seek to have gold reserves of the People's Bank of China, India and ASEAN central banks stored in Hong Kong to boost its status as a global gold trading hub. Other lawmakers proposed paying government expenses in renminbi and linking a plann
A Hong Kong lawmaker has proposed that the city seek to have gold reserves of the People's Bank of China, India and central banks from the Association of Southeast Asian Nations (ASEAN) stored in Hong Kong, as part of efforts to boost its status as a global gold trading hub.
Chan Chun-ying, a lawmaker representing the financial services sector, made the suggestion during a three-day combined debate in the Legislative Council on Hong Kong's first five-year plan and the new policy address. He said he agreed with the plan and address that placed finance in an extremely important position, making clear that finance was Hong Kong's biggest advantage. The five-year plan took an ambitious approach to benchmark against major international gold trading centres, he said. Chan suggested the government could seek to have the People's Bank of China, India and ASEAN central banks store their gold reserves in Hong Kong, thereby increasing the physical scale and credibility of the city's gold market.
Election committee lawmaker Chien Hi-man supported the five-year plan's mention of the government taking the lead in promoting the use of renminbi to pay for government expenses in more suitable scenarios. She said that as the proportion of government bond issuance in renminbi rose, the government's renminbi income would inevitably continue to grow, so the payment side should also match. She suggested that in the procurement of cross-border infrastructure projects in the Northern Territories, if suppliers agreed, the government could consider paying in renminbi.
Lawmaker Cheung Pui-kong of the Democratic Alliance for the Improvement of Kai Tak said the planned smart green collective transport system for the Kai Tak area, known as the Kai Tak line, could channel crowds attending events in Kai Tak to Kowloon East if it connected Kai Tak, Kwun Tong and Yau Tong. He also said that as the Kai Tak Hospital came into service in phases, the demand for cross-district medical treatment would rise. He expressed hope that the route and stations of the Kai Tak line could be linked to the hospital, making it more convenient for residents to travel to and from medical appointments.