如何评价中国工商银行将限制个人炒外汇和商品期货？
比特币禁止了，现在外汇也禁止炒了，纸黄金也不可以了。韭菜又赢一次。
On Friday, China's Industrial and Commercial Bank of China (ICBC) said it will restrict certain types of retail businesses involving foreign-exchange and commodities trading. The move by China’s biggest bank and reported by Reuters, comes alongside a range of actions by regulators to curtail financial risks that include dampening commodity price rises, banning cryptocurrency transactions and restricting property speculation. The bank’s restrictions also come as global energy prices have surged in response to power shortages in China and some other parts of the world.
ICBC said in a statement that starting Oct 17 it will suspend new account openings for so-called “account forex business”. Under this business, individuals can trade forex against the yuan for speculative or hedging purposes, and cannot withdraw or transfer the foreign currencies from the trading accounts, a move which may be aimed at avoiding cross-border (mostly USD) FX exposure, allowing local traders to gain exposure to foreign currencies without actually holding the currency.
Then, starting from Nov 14, existing clients will be barred from opening new trading positions.
ICBC will also stop taking in new clients from Oct 17 in a similar trading business involving energy, base metal, agricultural products and precious metal indexes, ICBC’s statement said.
“Risk is high these days in global forex and commodities markets, so please pay attention to controlling risks,” the bank said.
Reminding the world for the nth time that in a centrally-planned economy market access can be shut down at the flick of a switch, in recent months ICBC and other banks, including Bank of China and China Merchants Bank closed foreign exchange trading businesses that had let individual clients bet on non-yuan currency pairs.
It wasn't immediately clear if China was more concerned about containing the damage retail investors could sustain should the market tank, or were more worried about potential capital flight via the FX channel, but Chinese banks have been burnt by risky investment products in the past. Last year, Bank of China’s clients suffered losses in a crude oil-linked product after a slide in oil prices.
On Friday, China's Industrial and Commercial Bank of China (ICBC) said it will restrict certain types of retail businesses involving foreign-exchange and commodities trading. The move by China’s biggest bank and reported by Reuters, comes alongside a range of actions by regulators to curtail financial risks that include dampening commodity price rises, banning cryptocurrency transactions and restricting property speculation. The bank’s restrictions also come as global energy prices have surged in response to power shortages in China and some other parts of the world.
ICBC said in a statement that starting Oct 17 it will suspend new account openings for so-called “account forex business”. Under this business, individuals can trade forex against the yuan for speculative or hedging purposes, and cannot withdraw or transfer the foreign currencies from the trading accounts, a move which may be aimed at avoiding cross-border (mostly USD) FX exposure, allowing local traders to gain exposure to foreign currencies without actually holding the currency.
Then, starting from Nov 14, existing clients will be barred from opening new trading positions.
ICBC will also stop taking in new clients from Oct 17 in a similar trading business involving energy, base metal, agricultural products and precious metal indexes, ICBC’s statement said.
“Risk is high these days in global forex and commodities markets, so please pay attention to controlling risks,” the bank said.
Reminding the world for the nth time that in a centrally-planned economy market access can be shut down at the flick of a switch, in recent months ICBC and other banks, including Bank of China and China Merchants Bank closed foreign exchange trading businesses that had let individual clients bet on non-yuan currency pairs.
It wasn't immediately clear if China was more concerned about containing the damage retail investors could sustain should the market tank, or were more worried about potential capital flight via the FX channel, but Chinese banks have been burnt by risky investment products in the past. Last year, Bank of China’s clients suffered losses in a crude oil-linked product after a slide in oil prices.
