Over 10 Chinese banks halt retail gold trading as Shanghai Gold Exchange exits agency business
More than 10 Chinese banks, including China Everbright Bank, have announced the suspension of their agency precious metals trading services for individual clients through the Shanghai Gold Exchange (SGE). An insider stated the SGE initiated the termination of this agency business. Clients can no longer open new positions, and banks are gradually clearing existing holdings. Everbright Bank will stop the service after October 19, 2026. Physical gold sales and gold accumulation accounts remain unaffected.
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Over 10 Chinese Banks Halt Gold Trading Channels at Shanghai Gold Exchange's Request
On September 23, China Everbright Bank announced it will suspend its agency business for personal precious metals trading on the Shanghai Gold Exchange (SGE) starting October 19. This follows a broader trend where over 10 Chinese banks have already stopped such services. The bank-agency business for personal precious metals, particularly spot deferred trading, involves leverage and carries high risk. According to an informed source, the suspension was initiated by the SGE itself. After the SGE formally decided to end this agency business, clients could no longer purchase these products through banks. Since then, banks have been steadily closing out existing positions. The report notes that the sale of physical gold through banks is not affected by this change.
Read sourceOver 10 Chinese Banks Halt Gold Trading Channels; Source Says Shanghai Gold Exchange Initiated Move
According to a report from Cailianshe on September 23, China Everbright Bank announced it will suspend its agency precious metals business for the Shanghai Gold Exchange (SGE) starting October 19. This follows a broader trend where over 10 Chinese banks have already stopped such services. The bank-agency personal precious metals trading business, particularly the spot deferred trading feature, involves leverage and carries high risk. An informed source stated that the suspension of these bank agency services was initiated by the SGE itself. After the SGE proposed and formally decided to terminate this agency business, clients could no longer make new purchases through banks. Since then, banks have been progressively closing out existing positions. The report notes that physical gold consignment sales through banks are not affected by this change.
Read sourceOver 10 Chinese Banks Halt Gold Trading Channels Initiated by Shanghai Gold Exchange
According to a report from Jin10 on September 23, China Everbright Bank announced it will suspend its agency precious metals business for the Shanghai Gold Exchange (SGE) starting October 19. This business includes spot deferred trading with leverage, which carries high risk. An informed source stated that the suspension of banks' agency personal precious metals trading business was initiated by the SGE itself. After the SGE proposed and formally decided to stop this agency business, customers could no longer purchase from banks. Since then, banks have been steadily closing out positions. Currently, over 10 banks have announced the suspension of this business, as reported by National Business Daily. The report notes that physical gold consignment sales are not affected.
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Over 10 Chinese banks halt gold trading channels initiated by Shanghai Gold Exchange
More than 10 Chinese banks, including China Everbright Bank, Postal Savings Bank, Ping An Bank, and Industrial and Commercial Bank of China, have announced the suspension of their agency precious metals trading services for individual clients through the Shanghai Gold Exchange (SGE). An insider revealed that the shutdown was initiated by the SGE itself, which decided to terminate the agency business. Clients can no longer open new positions, and banks are gradually clearing existing holdings. Everbright Bank will stop the service after October 19, 2026, closing trading channels and restricting liquidation operations. The move targets leveraged products like deferred spot trading (e.g., Ag(T+D)), which carry high risk due to margin requirements. Physical gold sales and gold accumulation accounts remain unaffected. The article explains the leverage mechanism with an example: a 66.01% margin on a 2.3 million yuan position requires 1.518 million yuan in collateral, and losses can trigger forced liquidation. Banks have issued repeated risk warnings amid volatile precious metal prices.
Everbright Bank to Halt Shanghai Gold Exchange Precious Metals Business for Individuals
Everbright Bank announced it will stop its agency precious metals business for individual clients with the Shanghai Gold Exchange (SGE) after October 19, 2026, joining over 10 other Chinese banks in exiting the channel. The move, initiated by the SGE, affects leveraged products like deferred spot trading (Ag(T+D)). An insider said the SGE pushed for the closure, and banks have already stopped new purchases, focusing on clearing existing positions. By August 2026, SGE member agency trading volume fell to 5.11% from 6.44% in December 2025. Banks including Postal Savings Bank, Ping An, CMB, ICBC, CCB, BOC, and others have announced similar suspensions. Clients must close positions and withdraw funds before the deadline; otherwise, banks will forcibly close remaining holdings. Physical gold sales and gold accumulation accounts are unaffected. The article notes that leveraged margin trading carries high risk, with banks issuing repeated risk warnings amid volatile precious metals prices.
Read sourceOver 10 Chinese banks shut down gold trading channels as Shanghai Gold Exchange leads withdrawal
China Everbright Bank announced it will cease its agency personal precious metals business with the Shanghai Gold Exchange (SGE) after October 19, 2026, joining over 10 other banks including Postal Savings Bank, Ping An Bank, China Merchants Bank, and the Big Four state-owned banks in exiting the business. An insider source revealed that the SGE initiated the closure of these retail agency services, after which banks stopped allowing new purchases and have been gradually clearing existing positions. The affected products include spot and deferred contracts such as Au99.99, Au100g, and Ag(T+D), which involve leveraged margin trading. The source noted that Everbright's move is relatively late, as many banks terminated the service earlier in the year. Only a small number of clients still hold minor positions, which must be closed before the deadline. Physical gold sales and gold accumulation accounts remain unaffected. The article explains that the deferred trading products carry high leverage risk, with banks having issued multiple risk warnings amid recent volatile precious metals prices.
Read sourceChina's Everbright and SPD Banks to Close Personal Gold Trading Channels Amid Volatility
Everbright Bank and Shanghai Pudong Development Bank have announced plans to discontinue their personal precious metals business linked to the Shanghai Gold Exchange (SGE), joining over a dozen Chinese banks that have exited the retail gold trading market this year. The closures, set for late 2026, affect leveraged products like deferred contracts (e.g., Ag(T+D)) and spot trading. According to Professor Tian Lihui of Nankai University, the primary trigger is extreme international gold price volatility in 2026, with spot gold swinging from near $5,600/oz to a low of $3,943.20/oz. Deeper reasons include a regulatory shift since 2022 that halted new account openings and now pushes for full exit, as well as rising compliance costs and asymmetric risk-reward for banks. The SGE itself decided in January 2026 to close all competitive bidding products for retail clients, making a reversal unlikely. Experts advise individual investors to consider alternatives such as physical gold, accumulation gold accounts, or gold ETFs, noting that leveraged speculation is being structurally replaced by allocation-based investment.
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