Hong Kong’s Financial Services and the Treasury Bureau signed a co-operation agreement with the Shanghai Gold Exchange, marking a new milestone in deepening co-operation between the gold markets of the two financial centres.

The agreement was signed by the Secretary for Financial Services and the Treasury, Christopher Hui, and the Chairman of the Shanghai Gold Exchange, Yu Wenjian, at the first day of the 19th Asian Financial Forum ( AFF ) on January 26, and witness by Hong Kong’s chief executive John Lee.

Analyst say this isn't just a routine pact but a strategic milestone signalling deeper financial integration between Hong Kong and mainland China in a high-stakes asset like gold. It aims to create a more unified, influential Asian gold ecosystem that supports China's currency ambitions while helping Hong Kong regain momentum in international finance amid global uncertainties.

The agreement comes on the same day the price of gold shattered the historic ceiling of US$5,000 per ounce and is forecast to hit $5,500-6,000 by mid-2026.

“The agreement just now signed is far more than a formal document,” says Hui. “It represents a resolute commitment to advancing the synergistic development of Hong Kong and Shanghai as premier international financial and gold markets. It reflects our joint determination to deepen the integration and complementary strengths of Hong Kong and Shanghai, so that together we can expand our share and influence in the global gold market, and better support Renminbi internationalisation.”

Hui outlined the strategic significance of the agreement and the overall development blueprint for Hong Kong's gold market saying, “In recent years, amid heightened geopolitical uncertainty, inflationary pressures, and ongoing restructuring of the international monetary system, the strategic importance of gold has become even more pronounced."

The agreement covers two major forward-looking areas of co-operation: establishing a high-level, collaborative governance structure for Hong Kong's new gold central clearing system; and opening new avenues for physical infrastructure synergy and market interconnectivity.

“The signing of this agreement with the Shanghai Gold Exchange marks the dawn of a new chapter—one in which Hong Kong and Shanghai join forces to shape the future of global gold markets," Hui says.

A discussion session on gold trading themed “Global Spectrum – Gold Exchange” features expert panellists invited to examine recent market developments and share insights on Hong Kong's role, potential and opportunity as a world-class gold trading centre. Speakers include overseas experts James Emmett, chief executive officer, MKS PAMP SA and David Tait, chief executive officer, World Gold Council.

The 3-day AFF opened yesterday at the Hong Kong Convention and Exhibition Centre with more than 3,600 influential leaders from over 60 countries and regions joining the two-day summit, the region's first major international financial event of 2026.

Co-organised by the Hong Kong Special Administrative Region ( HKSAR ) Government and the Hong Kong Trade Development Council ( HKTDC ), this year's AFF, themed “Co-creating New Horizons Amid an Evolving Landscape”, takes on added significance being the first such event of China's 15th Five-Year Plan period ( 2026-2030 ).

“Featuring more than 150 prominent speakers, from Hong Kong, throughout the Asian region and around the world, the Forum will inspire insight and innovation, create partnerships and explore fresh business opportunities,” says Lee. “This unparalleled positioning solidifies our institutional strengths: the rule of law, a judiciary that exercises its power independently, an open and transparent market, the free flow of capital and a low and simple tax regime.”

Other highlights on day one of the AFF include a keynote luncheon speech by Dr José Manuel Barroso, former President of the European Commission, former Prime Minister of Portugal, and current Chairman of Goldman Sachs International Advisory Board, to share his insights on the current global landscape and macro‑level challenges.

The AFF serves as the opening event of the International Financial Week in Hong Kong, featuring over 10 partner activities covering a range of global financial and business topics, including ASEAN opportunities, asset and wealth management, and artificial intelligence.