Zheng Quan Ri Bao·2026-02-27 16:37Core Viewpoint - The recent increase in risk within the precious metals market has led several major state-owned banks in China to adjust the margin requirements for personal clients trading on the Shanghai Gold Exchange [1][2]. Group 1: Margin Requirement Adjustments - On February 24, the Bank of China announced adjustments to the margin requirements and price fluctuation limits for personal clients trading gold and silver deferred contracts [1]. - Agricultural Bank of China stated that starting from February 26, 2026, the margin requirement for Au (T+D), mAu (T+D), and Ag (T+D) contracts will be increased from 80% to 100% [1]. - Industrial and Commercial Bank of China (ICBC) also announced that from February 27, 2026, the margin requirement for various gold and silver contracts will be raised to 100% [1]. Group 2: Rationale Behind Adjustments - ICBC's customer service indicated that the adjustment to a 100% margin requirement is a response to significant price volatility in the domestic and international precious metals markets, aimed at mitigating market risk and protecting investors [2]. - The increase in margin requirements effectively reduces the leverage available to traders, meaning that for a contract valued at 1 million yuan, the required margin will increase from 800,000 yuan to 1 million yuan [2]. - Financial expert Tian Lihui noted that the current international gold prices are at historically high levels, influenced by global "reflation" expectations, geopolitical risk premiums, and the reassessment of U.S. dollar credit, with banks raising margins to create necessary risk buffers and curb potential speculative bubbles [2].