Shang Hai Zheng Quan Bao·2025-11-03 13:29Core Viewpoint - The recent adjustments in gold accumulation services by major banks, specifically Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), are primarily driven by new tax policies and the need to manage compliance and operational risks associated with these changes [1][4][5]. Group 1: Business Adjustments - On November 3, ICBC and CCB announced a suspension of their gold accumulation services, including new account openings and physical gold withdrawals, due to macroeconomic policy impacts [2][4]. - ICBC resumed its gold accumulation services later the same day, indicating a rapid response to the regulatory environment [6][8]. - CCB also suspended its gold accumulation services, but existing customers' plans remained unaffected [4][5]. Group 2: Compliance and Risk Management - The adjustments are seen as a response to compliance challenges posed by the new gold tax regulations, which require banks to differentiate between investment and non-investment uses of gold [4][5]. - Banks are expected to restructure their systems to align with new tax reporting and invoicing requirements, which may increase compliance costs in the short term [4][10]. - The need to control tax risks and operational costs is a significant factor in these service adjustments [5][10]. Group 3: Market Implications - The tightening of gold accumulation services may lead to a shift in personal investment channels as investors seek alternatives [9][10]. - Experts suggest that the Shanghai Gold Exchange and public gold ETFs may become more attractive to investors looking for compliant investment options [11]. - The overall liquidity in the gold market is expected to remain sufficient, minimizing the impact of these service adjustments on the broader supply-demand dynamics [10][11].