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Chinese Banks to Suspend Opening of Precious Metals Trading Accounts
Published on: 2020-11-30
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Chinese banks including major state-owned players announced on Friday they will suspend the opening of new accounts for their precious metal investment products from Saturday amid increased volatility in global and domestic precious metal prices.

Industrial and Commercial Bank of China (ICBC) said in a notice on its website it would suspend the opening of new individual gold, silver and other precious metal investment trading accounts from Saturday via all channels, including over-the-counter and online or mobile banking.

“Affected by the global epidemic situation and the international political and economic situation, international and domestic precious metals price continued to show volatility, market risks and uncertainties increased,” ICBC said.

Bank of China later said in a statement it would suspend services related to its Shanghai Gold Exchange business for individuals from Saturday.

Bank of Communications and China Construction Bank also suspended new account openings for their precious metal trading and investment products linked to the Shanghai Gold Exchange from noon on Saturday and from Monday, respectively.

The banks warned investors to pay attention to market and volatility risks and to manage trading and conduct investment transactions prudently and rationally, according to statements released on Friday, but added that trading for customers with existing accounts would not be affected.

China Merchants Bank and Agricultural Bank of China also issued similar warnings and will suspend new account applications from Saturday.

Spot gold prices began sliding after Nov. 9 as news of the first successful, late-stage novel coronavirus vaccine trial prompted investors to dump safe-haven bullion and flock to riskier assets. They are down nearly 4% this month.

多家银行紧急公告:暂停开户!

11月27日,多家大行提示贵金属交易风险。中国工商银行、建设银行和交通银行先后发布公告称,近期,受全球疫情及国际政治经济形势影响,国际国内贵金属价格持续出现较大幅度波动,市场风险和不确定性显著增强,故暂停贵金属相关业务新客户签约开户。

为何多家银行在同一天“统一行动”?总结来看,各家银行给出的暂停新客户开立相关账户的原因,都与受国际政治经济形势和新冠疫情等影响,贵金属市场价格波动剧烈,投资交易风险加大有关。

例如,招行表示,近期受全球政治经济形势变化影响,贵金属市场价格风险和流动性风险加剧,市场风险和不确定性显著增强,个人贵金属交易类业务的投资交易风险上升。多家银行同时提醒称,投资者要增强风险防范意识,合理控制仓位,理性投资。

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