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Chinese Banks Restrict Gold Trade


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#1 Rogerdodger

Rogerdodger

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Posted 25 July 2022 - 09:05 AM

Chinese banks restrict gold traders
Commercial Bank of China sent out a notice at the start of the month stating that it would increase guarantee deposit requirements for some transactions starting from the 8th July. Starting from 15th August it will also suspend the provision to retail investors of precious metals deferred settlements contracts on the Shanghai Gold Exchange, as well as purchase trades for spot contracts.

Some have suggested that these measures have been enacted due to the volatility of precious metals prices of late. Gold has moved back towards $1700/oz from being just above $2000/oz in March. The rising instability in stock markets in China and inflation have also been major concerns