China Orders System-Wide Closure of Paper Gold, Effective 24 July

RegulationCommodity
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China is pushing ahead with a major reform of its gold market, as major commercial banks including Industrial and Commercial Bank of China, Postal Savings Bank of China, and Ping An Bank have announced the permanent termination of paper gold and gold derivative trading services for retail investors, with all positions required to be closed by 24 July 2026. If investors fail to act, the banks will forcibly close positions and transfer the cash back to their accounts. This measure applies only to retail investors, while institutional investors can continue trading through the Shanghai Gold Exchange as normal. TISCO Wealth Advisory stated that the main goal is to protect retail investors, reduce systemic financial risk, and encourage holdings of physical gold. It estimates that gold demand will not decline, but more funds will flow into physical bars and ETFs. It also sees a chance for gold prices to rise back above 4,500 US dollars per ounce if economic factors and geopolitical risks remain supportive.

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Ping An Bank Co Ltd
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Bank terminates paper gold services for retail investors, reducing its product offering and potential fee income.

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