Christopher Hui says plans afoot for precious metals association

Hong Kong successfully hosted the APEC Finance Ministers' Meeting for the first time and passed a joint statement.

Speaking on a TVB programme, Secretary for Financial Services and the Treasury Christopher Hui said the event showcased the city's soft power as a trusted platform, where the delegates from different economies across Asia Pacific can come, can meet at the same time, reach conclusion.

As for why VIPs were not arranged to visit the Northern Metropolis, Hui explained the government wanted to present a different side of Hong Kong beyond business, focusing instead on arts and culture.

Separately, the city's First Five-year Plan specified the building of Hong Kong into an international gold trading centre.

The gold central clearing and settlement system had been on a trial run for over three months.

Hui said it only involved physical goods at this stage.

Before the end of the year, Hui said the government planned to set up a precious metals industry association.

He also revealed that the stock exchange would soon announce details on new renmibi physically settled gold futures.