The article is not clear. Most of Hong Kong is on the mainland. There is the island.
Gold ownership was opened in China years back, the SGE was created for domestic trading, it was a huge success. Recently China opened trading internationally., expanding the exchange to globally, now outpacing Western markets.
Until now, very little Gold ( and Silver) ever left China. It still won’t leave with domestic trading, hence the move to global Gold trading, displacing Western price fixing through the Comex and LBMA. In other words, the West is losing it’s “ price setting” of PM’s.
Gold/ Silver pricing will now start moving to the China exchanges. Note: silver for example, trades on the SGE at $2-3 over the western exchanges, resulting in Arbitrage ( Silver being taken for delivery from the western markets, then shipped to China where it gets a few dollars more), draining the western supply.