FINANCE

China’s Big Banks Wind Down Retail Gold Trading on Shanghai Exchange

Published: Dec. 16, 2025 5:41 p.m. GMT+8

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Major Chinese banks are further winding down their agency business for retail precious metals trading on the Shanghai Gold Exchange (SGE), moving to clear out dormant accounts after new sign-ups were suspended and existing business allowed to run off naturally for about five years.

The latest account closures underscore how banks have been retreating from higher-risk commodities trading for retail clients since 2020.

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Major Chinese banks are closing dormant retail precious metals trading accounts on the Shanghai Gold Exchange after suspending new sign-ups since 2020.
ICBC, China Construction Bank, and China Everbright Bank are refunding idle margin funds and terminating agency agreements for inactive clients.
Retail SGE gold trading agency business has declined for about five years, while institutional services remain, due to regulatory and market factors.

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Who’s Who

Industrial and Commercial Bank of China: Industrial and Commercial Bank of China (ICBC) is winding down its agency business for retail precious metals trading on the Shanghai Gold Exchange. As part of this process, ICBC announced it would be transferring funds from dormant accounts to linked settlement accounts and disabling trading functions, leading to the termination of agency agreements. This move reflects a broader trend of Chinese banks retreating from higher-risk commodities trading for retail clients since 2020.

China Construction Bank: China Construction Bank has terminated dormant retail Shanghai Gold Exchange precious metals trading services. They are also refunding idle margin funds to their clients. This action aligns with a broader trend among major Chinese banks to reduce their exposure to higher-risk commodities trading for retail clients since 2020.

China Everbright Bank: China Everbright Bank is among the major Chinese banks that have terminated dormant retail Shanghai Gold Exchange precious metals trading services. They have also moved to refund idle margin funds. This action reflects a broader trend of Chinese banks retreating from higher-risk commodities trading for retail clients since 2020.

Shanghai Gold Exchange: The Shanghai Gold Exchange (SGE) has experienced a significant retreat by major Chinese banks from its retail precious metals trading services. Banks, including ICBC, China Construction Bank, and China Everbright Bank, are closing dormant accounts and transferring funds. This trend, which began around five years ago, is driven by market and regulatory factors, as well as the cost of maintaining inactive accounts. While institutional agency business continues, retail client activity has diminished.

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What Happened When

Late 2020：: Major banks suspended new account openings for agency business in retail SGE gold trading, allowing existing business to wind down naturally.

By December 2025：: Major Chinese banks had allowed existing retail SGE agency business to run off naturally for about five years since suspending new sign-ups.