At Least 4 Banks Import 400-Ounce Gold Bars Ahead of Hong Kong Clearing System Launch in July

According to Bloomberg, at least 4 of the 11 banks participating in Hong Kong's new gold clearing system launching in July are importing 400-ounce gold bars. Sources told Bloomberg that clearing banks have requested traders to ship the bars to Hong Kong to build inventory ahead of the system's startup to meet physical delivery demand.

The 400-ounce bars comply with the "London Good Delivery" standard commonly used in the world's largest gold trading center, London, though such large bars are less common in Asian markets, where trading typically centers on smaller kilobar denominations.