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Multiple banks collectively take action to tighten personal precious metals trading business as agents on the Shanghai Gold Exchange.

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Recently, the international precious metals market has experienced sharp fluctuations. To prevent potential risks and protect investor rights, domestic commercial banks are accelerating the tightening of their agency services for personal precious metals trading on the Shanghai Gold Exchange (SGE). On June 27, Industrial Bank announced an increase in the margin ratio for its agency contracts in personal precious metals deferred trading on the SGE. According to a review by Securities China reporter, since June, multiple banks have issued announcements to adjust the rules for their agency personal precious metals business on the SGE, with China Construction Bank and Industrial and Commercial Bank of China explicitly stating they will shut down this business. Industry insiders point out that these moves by banks are both a timely response to recent gold price volatility and consistent with the regulatory direction in recent years to standardize derivative products for individual investors. However, "shutting down leveraged gold speculation" does not mean "preventing the purchase of gold." As a long-term asset allocation target, gold still has open channels for diversified investment. (Securities Times)
XAU-2.51%
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