工行暂停如意金积存部分业务

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced the suspension of its "Ruyi Gold Accumulation" business due to macroeconomic policy impacts and internal risk management requirements, raising concerns about the bank's gold business strategy and macro policy direction [1][3] Summary by Sections Business Adjustment - ICBC has halted the opening of new accounts, active accumulation, new fixed accumulation plans, and applications for physical withdrawals for the Ruyi Gold Accumulation product [1] - Existing customers with valid fixed accumulation plans can still execute their plans and process redemptions and account closures without being affected by this adjustment [3] Product Overview - The Ruyi Gold Accumulation product, launched in 2007, allows individual customers to accumulate gold through a dedicated account, with a low entry threshold of 1 gram of gold [4][5] - Investors can choose between "active accumulation" based on real-time gold prices or "fixed accumulation" with predetermined cycles and amounts [4][5] Market Context - The recent extreme fluctuations in the gold market have likely influenced ICBC's decision to suspend the product. As of November 3, global gold prices have shown a significant rebound, with London spot gold at $4015.5 per ounce and domestic prices at 919.70 yuan per gram [8] - The gold market experienced a dramatic swing in late October, with prices reaching a historical peak of $4300 per ounce on October 17, followed by a sharp decline of 6.3% on October 21, marking the largest single-day drop in over 12 years [8] Regulatory Changes - A new tax policy announced by the Ministry of Finance and the State Administration of Taxation on November 1 has detailed tax rules for gold transactions, tightening tax benefits for non-exchange channels and increasing costs for certain transactions [10][11] - The policy aims to guide gold trading towards regulated, centralized markets, encouraging investors to trade through exchanges while tightening tax benefits for informal transactions [12] Risk Management - ICBC's suspension of the Ruyi Gold Accumulation business can be seen as a proactive measure to manage risks associated with retail investors, who may be more vulnerable to market volatility [12] - The bank's decision reflects a response to both policy direction and the need to safeguard retail investors from potential pressures of concentrated redemptions or physical withdrawals due to extreme price fluctuations [12]