Chinese banks suspend opening positions in precious metal products amid sharp rally

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Chinese commercial banks and exchanges are moving to impose restrictions on transactions of products linked precious metal amid a sharp market rally, in an attempt to prevent a repeat of the oil trading mishaps earlier this year.

Industrial and Commercial Bank of China (ICBC), the country’s biggest bank in terms of assets, said on Wednesday it would suspend transaction for opening new trading positions for platinum, palladium and index products linked to precious metal from this Friday.

That notice issued by the bank's customer service department was in response to market volatility and . . .

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