Chinese Banks Move to Rein in Retail Gold Trading on Volatility

RegulationCommodity
โดย Bloomberg·Read original
Summary · why it matters

Some major Chinese banks are shutting down services that aid retail trading in precious metals after a multiyear rally in gold and silver went into reverse. Industrial & Commercial Bank of China, the nation's biggest by assets, said it will stop offering intermediary services for individuals to trade precious metals on the Shanghai Gold Exchange after settlement on July 24, advising existing clients to sell or close their positions before then. China Guangfa Bank asked clients to close their precious metals positions before 3:30 p.m. Hong Kong time on Thursday or face forced liquidation by the end of the month, though investors can still put money into gold accumulation products or exchange-traded funds that track precious metals. Both banks cited risk management for the closures, which covered trading in both spot and deferred delivery contracts, following similar announcements by Postal Savings Bank of China and Ping An Bank earlier this year. Spot gold fell below $4,000 an ounce this week, extending its retreat from a record high of nearly $5,600 in January, as the rally unraveled after the outbreak of the US-Iran war stoked inflation fears and reinforced expectations that interest rates would remain elevated.

Impact on stocks 4

Others▼ · 4 stocks
Ping An Bank Co Ltd
000001
▼ NegativeRegulationrelevance

Ping An Bank also announced similar closures earlier this year, part of the same regulatory push affecting retail gold trading.

Postal Savings Bank of China Co Ltd
601658
▼ NegativeRegulationrelevance

Postal Savings Bank of China made similar earlier announcements to rein in retail gold trading, indicating a regulatory trend that hurts business.

Off-coverage companies 1

China Guangfa Bank Co., Ltd.Private▼ Negative
Regulationrelevance

China Guangfa Bank is forcing clients to close precious metals positions or face forced liquidation, citing risk management.

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