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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  China Merchants Bank Co.. Ltd.    600036   CNE000001B33

CHINA MERCHANTS BANK CO.. LTD.

(600036)
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Chinese banks to suspend new precious metal account openings

11/27/2020 | 09:25am EST

SHANGHAI/BEIJING (Reuters) - Chinese banks including major state-owned players announced on Friday they will suspend the opening of new accounts for their precious metal investment products from Saturday amid increased volatility in global and domestic precious metal prices.

Industrial and Commercial Bank of China (ICBC) said in a notice on its website it would suspend the opening of new individual gold, silver and other precious metal investment trading accounts from Saturday via all channels, including over-the-counter and online or mobile banking.

"Affected by the global epidemic situation and the international political and economic situation, international and domestic precious metals price continued to show volatility, market risks and uncertainties increased," ICBC said.

Bank of China later said in a statement it would suspend services related to its Shanghai Gold Exchange business for individuals from Saturday.

Bank of Communications and China Construction Bank also suspended new account openings for their precious metal trading and investment products linked to the Shanghai Gold Exchange from noon on Saturday and from Monday, respectively.

The banks warned investors to pay attention to market and volatility risks and to manage trading and conduct investment transactions prudently and rationally, according to statements released on Friday, but added that trading for customers with existing accounts would not be affected.

China Merchants Bank and Agricultural Bank of China also issued similar warnings and will suspend new account applications from Saturday.

Spot gold prices began sliding after Nov. 9 as news of the first successful, late-stage novel coronavirus vaccine trial prompted investors to dump safe-haven bullion and flock to riskier assets. They are down nearly 4% this month.

Bank of China and Bank of Communications in early November had already warned investors they could restrict trading of their precious metal and foreign exchange products if the U.S. presidential election on Nov. 3 fueled market volatility.

(Reporting by Emily Chow and Zoey Zhang; additional reporting by Tom Daly; Editing by Robert Birsel, Kirsten Donovan/Emelia Sithole-Matarise)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AGRICULTURAL BANK OF CHINA LIMITED -0.98% 3.02 End-of-day quote.6.34%
BANK OF CHINA LIMITED 0.36% 2.78 End-of-day quote.4.91%
BANK OF COMMUNICATIONS CO., LTD. 0.45% 4.46 End-of-day quote.8.78%
CHINA CONSTRUCTION BANK CORPORATION -0.64% 6.22 End-of-day quote.5.60%
CHINA MERCHANTS BANK CO.. LTD. -0.25% 51.72 End-of-day quote.17.68%
GOLD 0.06% 1871.044 Delayed Quote.-3.02%
SILVER 0.32% 25.9 Delayed Quote.-4.21%
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Financials
Sales 2020 289 B 44 734 M 44 734 M
Net income 2020 94 086 M 14 555 M 14 555 M
Net Debt 2020 - - -
P/E ratio 2020 14,1x
Yield 2020 2,33%
Capitalization 1 301 B 201 B 201 B
Capi. / Sales 2020 4,50x
Capi. / Sales 2021 4,09x
Nbr of Employees 84 683
Free-Float 54,2%
Chart CHINA MERCHANTS BANK CO.. LTD.
Duration : Period :
China Merchants Bank Co.. Ltd. Technical Analysis Chart | 600036 | CNE000001B33 | MarketScreener
Technical analysis trends CHINA MERCHANTS BANK CO.. LTD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 29
Average target price 49,12 CNY
Last Close Price 51,72 CNY
Spread / Highest target 37,5%
Spread / Average Target -5,03%
Spread / Lowest Target -46,0%
EPS Revisions
Managers and Directors
NameTitle
Hui Yu Tian President, CEO & Executive Director
Yuan Liu Chairman-Supervisory Board
Jian Min Miao Chairman
Liang Wang Chief Financial Officer, Executive Director & EVP
Xiao Yuan Hong Non-Executive Director
Sector and Competitors