Multinational Chinese banking company Industrial and Commercial Bank of China Ltd (ICBC) on Monday (27 April) announced it has ceased any openings of new positions in commodity futures related to crude oil, natural gas, copper and soybeans.
This comes following recent extreme market volatility and U.S. oil futures plunging below zero last week.
However, investors holding existing positions are unaffected and will be able to trade as normal, said ICBC. It also warned that clients could lose their investment principals or margins in commodity linked products.
Similar moves have reportedly been made by other banking companies like China Construction Bank Corp (CCB), China’s Bank of Communications Co Ltd (BoCom), which closed respective crude oil trading related investment products to new positions last week.
China Securities Regulatory Commission (CSRC) has allegedly told commercial banks to suspend a range of wealth management products that could result in unlimited investor losses due to current market volatility, reports Reuters.
Photo credit: Lorenzo Carfaro
Published: 28 April, 2020
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