Report: ICBC to open vault at Hong Kong airport to support Hong Kong in building a global gold trading hub

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Industrial and Commercial Bank of China (ICBC) is planning to open a precious metals vault at Hong Kong International Airport, a move that will not only strengthen the bank’s trading business but also provide key support for Hong Kong’s ambition to become a global gold hub.

According to media reports citing sources, ICBC’s Hong Kong branch has leased space in the vault at Hong Kong Airport and plans to complete preparations for the vault in the coming months.

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

Earlier, the Shanghai Gold Exchange took the lead by setting up its first offshore vault in Hong Kong and launched two gold contracts denominated in offshore RMB for international investors. These measures have laid the foundation for Hong Kong’s development as a gold hub. The entry of ICBC will further boost the vibrancy and depth of this ecosystem.

ICBC’s Strategy: Expanding Vaults and Teams

According to reports, ICBC’s Hong Kong branch has leased space in the vault facilities at Hong Kong International Airport, and the bank hopes to have the warehouse operational in the coming months.

ICBC is a clearing member of the Shanghai Gold Exchange, which is the main gold trading venue in Mainland China. The reports also state that the Hong Kong government has invited the Shanghai Gold Exchange to participate in the settlement system under construction, and ICBC’s Hong Kong branch also hopes to become a member of this system. The bank already operates a vault in nearby Shenzhen associated with the Shanghai Gold Exchange and has taken measures to expand its gold trading team in Hong Kong to bolster trading activity in the city.

ICBC’s leasing deal comes as Hong Kong International Airport is implementing its own expansion plans. According to a blueprint released last year by the Hong Kong Airport Authority, the vault capacity will first be increased from 150 tons to 200 tons, and then expanded in phases to 1,000 tons.

The Hong Kong SAR Government has made gold market development a key strategic priority. The government plans to raise gold storage capacity to over 2,000 tons in the next three years, and establish a central clearing system to consolidate Hong Kong’s position in the global gold market.

The Shanghai Gold Exchange is playing a key role in advancing this strategy, having established its first offshore vault in Hong Kong and launched two trading contracts for international investors.

This move also comes against the backdrop of persistently rising gold prices. Since the start of this year, as a traditional safe-haven asset during times of economic or geopolitical tension, gold has repeatedly hit new highs. At the same time, there is a growing trend to reduce reliance on the US dollar in the global financial system.

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