Seven Chinese banks to suspend opening new trading accounts for precious metal products

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Chinese leading banks including the four biggest state-owned lenders announced on Friday that they will suspend the opening of new accounts for their precious metal investment products amid rising volatility in global and domestic precious metal market.

Industrial and Commercial Bank of China (ICBC) said in a statement on Friday afternoon that 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.

“Due to by the coronavirus pandemic and the international political and . . .

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