Report: ICBC will open a vault at Hong Kong Airport to help Hong Kong build a global gold trading center

The Industrial and Commercial Bank of China is planning to establish a precious metals vault at Hong Kong International Airport, a move that will not only enhance the bank's trading business but also provide crucial support for Hong Kong's ambition to become a global gold hub.

According to media reports citing informed sources, the Hong Kong branch of the Industrial and Commercial Bank of China has leased space in the vault at Hong Kong Airport and plans to complete the preparations for the vault in the coming months.

This development aligns with the Hong Kong government's intention to enhance the city's influence in the gold market. Hong Kong Chief Executive John Lee has publicly committed to increasing the gold storage capacity to over 2,000 tons in the next three years and establishing a central clearing system for precious metals.

Previously, the Shanghai Gold Exchange had taken the lead by setting up its first offshore vault in Hong Kong and launching two gold contracts priced in offshore renminbi for international investors, laying the foundation for Hong Kong's development as a gold hub. The entry of ICBC will further enhance the vitality and depth of this ecosystem.

ICBC's Strategy: Adding Vaults and Expanding Teams

According to reports, the Hong Kong branch of the Industrial and Commercial Bank of China has leased space in the vault facilities at Hong Kong International Airport and hopes to have the warehouse operational in the coming months.

ICBC is a clearing member of the Shanghai Gold Exchange, which is the main venue for gold trading in mainland China. Reports indicate that the Hong Kong government has invited the Shanghai Gold Exchange to participate in the settlement system being established, and the Hong Kong branch of ICBC also hopes to become a member of this system. The bank has been operating a vault related to the Shanghai Gold Exchange in nearby Shenzhen and has taken steps to expand its gold trading team in Hong Kong to boost trading activity in the city.

ICBC's leasing deal comes at a time when Hong Kong International Airport is implementing its own growth plan. A blueprint released by the Hong Kong Airport Authority last year indicated that its vault capacity would first increase from 150 tons to 200 tons, and then be expanded in phases to 1,000 tons.

The Hong Kong SAR government has prioritized the development of the gold market as a key strategy. The government plans to increase gold storage capacity to over 2,000 tons in the next three years and establish a central clearing system to solidify its position in the global gold market.

The Shanghai Gold Exchange plays a key role in promoting this strategy, having established the first offshore vault in Hong Kong and launched two trading contracts for international investors.

This move also occurs against the backdrop of rising gold prices in the market. This year, gold has repeatedly reached new highs as a traditional safe-haven asset during periods of economic or geopolitical tension. Meanwhile, the trend of reducing reliance on the US dollar in the global financial system has become increasingly evident.