G70 PERSPECTIVES
Selected observations on monetary systems, precious metals and the forces shaping long-term family capital.
18 ARTICLES
TREASURY MANAGEMENTAn unchanged policy rate is not the same as a settled direction. For family capital, the more durable task is to separate operating cash, known obligations, strategic reserves and investable surplus.
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HONG KONG CAPITAL MARKETSHong Kong's H1 2026 IPO count almost doubled and funds raised increased 92.1% year on year. The market window has reopened; issuer, valuation and liquidity standards must not loosen with it.
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CROSS-BORDER COMPLIANCEHong Kong proposes CARF-related obligations from 2027 and targets its first automatic exchange in 2028. Cross-border families should begin by reconciling assets, wallets, legal entities and tax residence.
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FAMILY GOVERNANCELife expectancy at birth in Hong Kong was about 83 years for men and 88 for women in 2024, while 76% of households had three people or fewer. Longer lives and smaller households extend the period over which care, authority and cash flow must work.
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REAL-ASSET RISKLong-term climate scenarios are not loss estimates for one building. For owners, the useful work is to connect building evidence, downtime, insurance, capital expenditure and financing in one auditable risk chain.
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Gold and reserve managementJune produced two apparently conflicting gold signals: long-horizon central-bank interest and a monthly ETF outflow. Read together, they reveal different holders, mandates and time horizons rather than a single vote on the next gold price.
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Energy markets and operating businessesBrent's monthly average fell from US$117.29 in April to US$83.76 in July. That looks like risk receding, but crude supply, shipping, refining and products did not normalise at the same speed. For a business or family balance sheet, the decisive question is where revenue and cost are repriced.
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Medical protection and family riskMedical-coverage gaps often begin not on the day of hospital admission, but on the transition date for employment, retirement, relocation or family responsibility. Hong Kong's coverage sources are fragmented; a dependable arrangement maps every person, layer of responsibility and expiry date together.
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Hong Kong capital-markets dataThirty-six of 53 usable Hong Kong new-listing observations closed above their offer price on the first day, a positive rate of 67.9%. This reproducible event statistic excludes allocation, financing cost, execution time and holding period, so it is not an investor's probability of profit.
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Tax structuring and family governanceThe proposed amendments concern more than the scope of eligible assets. For cross-border families, the more consequential issue is how filing, economic substance, holding structures and evidence management will be assessed as one system.
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Family risk and cybersecurityWhen voice, video and email can all be credibly imitated, cybersecurity is no longer only about blocking malware. It is about redesigning how an instruction earns trust.
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Private markets and risk governancePrivate credit can offer attractive structures and income, but infrequent pricing, limited liquidity and complex financing links require investors to assess risk differently from public bonds.
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Reserve management and precious metalsCentral-bank gold holdings are often read as a market signal. Reserve management, however, is concerned with liquidity, confidence, credit and policy resilience—not short-term trading.
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Cross-border tax transparency and digital assetsThe new reporting framework is not limited to exchange accounts. Identity, control, tax residence, fiat flows and on-chain transfers will need to reconcile within one evidence base.
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External asset management and investment governanceThe value of external asset management is not another intermediary. It is the allocation of investment decisions, custody, valuation, reporting and oversight to roles that can be held accountable.
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MONETARY SYSTEMA measured view of how reserve diversification, payment infrastructure and trade settlement are evolving—without assuming an abrupt end to the dollar system.
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PRECIOUS METALSCentral-bank gold demand reflects reserve resilience, liquidity and confidence—not simply a directional view on price.
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PRECIOUS METALSGold sits at the intersection of real yields, inflation expectations, geopolitics and investor confidence. Its role changes with the environment.
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