China's central bank is stockpiling more gold in Hong Kong, according to people familiar with the matter. The move is likely to support the city's push to become a major bullion-trading hub. By increasing the gold reserves, the central bank is strengthening the financial infrastructure of Hong Kong.

The bank is likely aiming to position the city as a premier destination for gold trading. This strategic move signals a commitment to enhancing Hong Kong's global standing in the precious metals market.