Group 1 - The announcement from China Merchants Bank outlines adjustments to trading hours for personal precious metals and foreign exchange transactions during the 2026 Spring Festival holiday [1] - Personal gold account business will close on February 14, 2026, at 02:00 and reopen on February 24, 2026, at 09:10 [1] - The "Gold Growth" service will stop redemptions and gold withdrawals on February 14, 2026, and resume on February 24, 2026 [1] - For physical gold target savings, all operations including investment, purchase, redemption, and gold withdrawal will cease on February 14, 2026, and resume on February 24, 2026 [1] Group 2 - Personal spot foreign exchange trading and two-way foreign exchange trading will close on February 14, 2026, at 05:00 and reopen on February 16, 2026, at 08:00 [3] - The same trading will also close on February 21, 2026, at 05:00 and reopen on February 23, 2026, at 08:00 [2] - The "Hedging Bullish Gold" service will stop redemptions and gold withdrawals on February 14, 2026, and resume on February 24, 2026 [3]

Core Viewpoint - Recent adjustments by major state-owned banks in China, including Agricultural Bank of China and Industrial and Commercial Bank of China, to increase the risk assessment requirements for gold accumulation business reflect a proactive approach to risk management in response to rising gold prices and market volatility [1][2]. Group 1: Changes in Risk Assessment Requirements - Agricultural Bank of China announced that starting January 30, 2026, personal clients must undergo a risk assessment to participate in its gold accumulation business, requiring a cautious rating or higher [1]. - Industrial and Commercial Bank of China previously set a requirement for clients to achieve a balanced rating or higher for opening accounts and initiating gold accumulation plans [1]. Group 2: Rationale Behind the Changes - The increase in risk assessment requirements aims to protect investors from irrational investment risks and to comply with regulatory demands for investor suitability management [2]. - The adjustments are seen as a rational risk control measure by financial institutions, reinforcing investor protection and reducing potential complaints related to price volatility [2]. Group 3: Market Positioning of Gold Accumulation Products - Some banks, like China Merchants Bank, are positioning their gold accumulation products as medium-risk investments, indicating a shift from low-threshold financial products to those requiring appropriate risk tolerance [3]. - The industry is moving towards enhancing the quality of gold accumulation business rather than merely expanding its scale, emphasizing the need for risk matching and compliance management [3].

Core Viewpoint - China Merchants Bank (招商银行) announced trading time adjustments for personal precious metals and foreign exchange transactions during the Qingming Festival and International Easter holidays in 2025 [1] Group 1: Qingming Festival Holiday - Personal gold account business will close at 24:00 on April 3, 2025, and reopen at 09:00 on April 7, 2025 [2] - The "Gold Growth" business will stop purchases, redemptions, and gold withdrawal operations starting April 4, 2025, and will resume on April 7, 2025 [3] - The physical gold target savings will halt regular investment, purchases, redemptions, and gold withdrawal operations from April 4, 2025, resuming on April 7, 2025; however, the target savings plan will not be affected by the holiday [4] - Personal spot foreign exchange trading and two-way foreign exchange trading will close at 05:00 on April 5, 2025, and reopen at 08:00 on April 7, 2025; new positions for two-way foreign exchange trading have been stopped, allowing only existing positions to be closed [5] - Personal spot paper gold and silver, as well as two-way paper precious metals trading, will close at 05:00 on April 5, 2025, and reopen at 08:00 on April 7, 2025; new positions have been stopped, allowing only existing positions to be closed [5] - The "Hedging Bullion" business will stop redemptions and gold withdrawal operations starting April 4, 2025, and will resume on April 7, 2025 [5] Group 2: International Easter Holiday - Personal gold account business will close at 15:30 on April 18, 2025, and reopen at 09:00 on April 21, 2025 [6] - The "Gold Growth" business will stop purchases, redemptions, and gold withdrawal operations starting April 18, 2025, and will resume on April 21, 2025 [7] - The physical gold target savings will halt regular investment, purchases, redemptions, and gold withdrawal operations from April 18, 2025, resuming on April 21, 2025; the target savings plan will not be affected by the holiday [8] - Personal spot foreign exchange trading and two-way foreign exchange trading will close at 05:00 on April 19, 2025, and reopen at 08:00 on April 21, 2025; new positions for two-way foreign exchange trading have been stopped, allowing only existing positions to be closed [9] - Personal spot paper gold and silver, as well as two-way paper precious metals trading, will close at 05:00 on April 18, 2025, and reopen at 08:00 on April 21, 2025; new positions have been stopped, allowing only existing positions to be closed [9] - The "Hedging Bullion" business will stop redemptions and gold withdrawal operations starting April 18, 2025, and will resume on April 21, 2025 [10]