Chinese bank launches new department to boost gold investment
By dinar stocksA major Chinese bank is launching a new precious metals department to meet rising demand for gold investment.
Industrial & Commercial Bank of China (ICBC) – the largest bank in the world based on market value – is starting up its own metals business that will see the institution represent trade and financing clients, Reuters reports.
Currently, the Chinese can invest in gold by purchasing physical forms of the metal at the Shanghai Gold Exchange, as well as through buying gold futures, although individuals tend to opt for gold bar investments acquired through banks and jewellers.
China became the largest producer of gold in the world two years ago and is also the second biggest consumer of the precious metal behind India.
In a statement, ICBC said: “[The] Chinese always have a custom to keep gold as personal wealth. China’s gold market is growing rapidly and has a huge potential with the growth of individual incomes.”
The news comes shortly after Simon Black of the International Man blog reported that the Chinese government is taking steps to encourage more citizens to buy gold as an investment.
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