HK successfully hosts APEC, pushes gold hub

Secretary for Financial Services and the Treasury Christopher Hui said the successful conclusion of the APEC Finance Ministers' Meeting reflected Hong Kong's ability to bring people together to achieve results.

Hui also spoke about the city's gold central clearing system trial run, which he said had been smooth for the past three months.

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.

How will this APEC meeting directly benefit people in Hong Kong?

Christopher Hui,Secretary for Financial Services and the Treasury, said "I would say this APEC meeting being organized and also taking place in Hong Kong was a very good occasion where we can showcase the soft power of Hong Kong in the context of our own country being a stabilizer in the current divided world. I think it really illustrates the fact that Hong Kong is offering a very trusted platform where the delegates from different economies across Asia Pacific can come, can meet at the same time, reach conclusion here."

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.

Christopher Hui,Secretary for Financial Services and the Treasury, said "Right now, only take care of the physical settlement of gold will be connected to our money settlement within our gross settlement system of the banking sector in such a way that we can take care of both the delivery of fiscal gold and the money settlement within the same system. This is something that we aim to launch in Q1 next year. "

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.