Volatility of precious metal prices increase some banks to suspend related businesses

In recent times, due to the fluctuations in the price of precious metals, many banks have issued announcements to adjust related businesses.

On July 18th, the official website of the Construction Bank announced that starting from August 15, 2022 (Monday), Beijing time, it has suspended the setting and changes of the purchase, conversion transaction and fixed investment plan of precious metal business; Paralysis of the two -way trading business of precious metal trading business in the account opened by the two -way trading business; the established account gold, account silver, and account platinum fixed investment plan will be automatically terminated. Customers' corresponding positions, short positioning and valid commissioning orders before the transaction are not affected.

"Daily Economic News" reporter noticed that since this year, many banks have suspended a number of precious metal transactions. On July 15th, ICBC issued an announcement saying that the bank will suspend account gold and accounts for accounts from 8:00 on August 15, 2022, Beijing time. The liquidation transaction of holding customers will be invalidated automatically.

However, this is not the first time ICBC has adjusted related businesses. On July 4th, ICBC announced that starting from 9:00 on August 15, 2022, Beijing time, it has suspended the purchase of positions and agents of personal gold spot contracts for personal precious metal exchanges for personal precious metals in Shanghai Gold Exchange. Investment transactions, pro -individuals delay the sale transactions and selling transactions of personal gold spot contracts for personal gold spot contracts are not affected.

On June 2nd, Construction Bank announced that starting from June 17, 2022 (Friday), Beijing time, it has suspended agency Shanghai Gold Exchange's personal precious metal trading business extension contract variety newly opened warehouse transactions. Affected; spot contract varieties suspended buying transactions, and selling transactions is not affected.

On May 5th, Huaxia Bank announced that it will adjust the precious metal trading business of the agent's personal customer, including the suspension of the agent's personal customer Shanghai Gold Exchange's precious metal spot after the closing on May 12 Rather the ratio of contract margin such as AU (T+D).

The reporter noticed that Bank of Communications, Everbright Bank, and Industrial Bank also issued relevant business adjustment announcements.

After March, the price of precious metals fluctuated. Taking the spot price of London Gold as an example, the price continued to fluctuate and declined after the price of March 8 to 2070.42 US dollars/ounce. As of the time of publication on July 18, the spot price of London Gold was about $ 1719 per ounce, and the cumulative decline of more than 10%during the period.

Talking about the reasons for this business adjustment, Wang Hongying, Dean of China (Hong Kong) Financial Deats Investment Research Institute, said in an interview with the "Daily Economic News" reporter: "Due to recent American inflation, the Federal Reserve has accelerated the pace of interest rates in the US dollar, leading to precious metals The market has fluctuated violently. In order to prevent risks, ICBC and CCB, including other banks, have successively introduced policies. The main purpose of stopping precious metal transactions is to prevent risks and protect investors' interests. "

Wang Hongying further explained that, in addition to the previously -resigned commercial banks' precious metal transactions, the bonds have been raised, and various banks have issued policy suspension of precious metal transactions. In fact, this is also an important measure for commercial banks to be further standardized. The China Banking Regulatory Commission regulates the intermediate business of commercial banks to allow commercial banks to focus on credit or other businesses that support the real economy in the future, reduce the investment business of financial derivatives of commercial banks, and prevent the system of preventing the system. Sexual risk.

Daily Economic News

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