Sou Hu Cai Jing·2025-11-03 08:36Core Viewpoint - Major Chinese banks, including Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), have suspended new gold accumulation business due to macroeconomic policy changes and risk management requirements, impacting various gold investment products and services [1][2]. Group 1: Bank Actions - ICBC has halted the acceptance of new accounts for its "Ruyi Gold Accumulation" program, along with new accumulation plans and physical gold withdrawals, while existing plans will continue to be executed normally [1]. - CCB has suspended real-time purchases and new investment plans for its "Easy Gold" service, as well as physical gold exchanges, but existing customers can still redeem and close accounts [1]. - Other banks, such as Industrial Bank and Ping An Bank, have already raised the minimum investment amounts for gold accumulation products in response to increased trading activity and gold price volatility [2]. Group 2: Tax Policy Changes - A significant change in gold tax policy was announced, effective from November 1, 2025, which aims to optimize the VAT arrangements for gold transactions and clarify the distinction between investment and non-investment uses [2]. - The new tax policy is expected to promote more transparent and regulated gold trading, reducing gray market activities and increasing compliance costs [2]. Group 3: Market Reactions - The international gold price has seen significant fluctuations, with a year-to-date increase exceeding 50%, while domestic gold prices also reached historical highs before experiencing corrections [3]. - Following the announcements from banks, gold retail stocks in Hong Kong and A-share markets faced declines, indicating market sensitivity to these changes [3][4]. Group 4: Risk Management Objectives - The banks' decision to pause new business is aimed at managing three key risks: reducing immediate inventory and delivery pressures during extreme volatility, allowing time for compliance with new tax regulations, and mitigating the impact of emotional trading on business operations [4]. - The new tax policy is expected to enhance the advantages of standardized gold products, leading to a potential rebalancing of channels among banks, platforms, and investors [4]. Group 5: Investor Guidance - Investors are advised to adopt a cautious approach by avoiding high-risk positions and considering gold as a hedging component in their portfolios, while prioritizing compliance and clarity in product offerings [6]. - The current restrictions on new accounts and physical withdrawals may lead to temporary adjustments in trading parameters and potential delays in transactions [6]. Group 6: Future Observations - Key points to monitor include whether more banks will follow suit in suspending new accounts, the impact of the new tax policy on different gold trading channels, and the evolution of price and trading structures in the gold market [8].