HSBC CEO Says It Will Expand Hong Kong Gold Storage Capacity to 200 Tons

HSBC Group CEO Georges Elhedery said on July 7 at the Hong Kong Fixed Income and Currency Summit and Bond Connect Forum that Hong Kong's launch of a central clearing and settlement system for gold is a major development that should improve liquidity and increase trading, according to 36Kr. Elhedery said HSBC stores 600 tons of gold in London and manages and connects more than 50 vault facilities across 14 markets globally. He added that HSBC plans to expand its gold storage capacity in Hong Kong to 200 tons in the coming months, supporting Hong Kong's target of 2,000 tons of gold storage capacity. Elhedery also said HSBC's global gold holdings exceed $100 billion.