Shanghai, Feb 9, 2026, 00:20 (CST) — The market is now closed.
- ICBC’s Class A shares slipped 0.55% to finish at 7.26 yuan Friday.
- Starting Feb. 7, the bank will impose quota controls on “Ruyi Gold” accumulation trades when markets are closed.
- Bank stocks have a near-term macro catalyst coming up: China’s inflation data drops Feb. 11.
Industrial and Commercial Bank of China’s Class A shares (601398.SS) face renewed focus on the lender’s retail gold operations, after quota limits started applying to weekend and holiday trades from Feb. 7. Domestic bullion markets have been volatile. Shares finished Friday at 7.26 yuan, a 0.55% drop. (STCN)
This shift is significant—China’s retail gold market has gotten jittery, forcing banks and bullion dealers to focus on managing risk. So, when the top state bank adjusts rules on a key product, traders take it as a clear signal about how much speculative cash is pouring in.
ICBC investors are still focused on rates and credit. Bank stocks might hold their ground for stretches, but sharp moves come fast when policy outlooks change. Rate cuts, in particular, squeeze the net interest margin—the difference between loan income and what banks shell out for deposits.
ICBC earlier announced it’s putting caps on both total and individual daily accumulation and redemption for its “Ruyi Gold” service on weekends and public holidays—periods when the Shanghai Gold Exchange shuts. Per-transaction limits are also coming in. Physical gold withdrawal isn’t impacted, the bank added. (m.icbc.com.cn)
It’s not only banks clamping down. China Gold, a major retailer, has suspended precious-metals buybacks during weekends and holidays, while Caibai took similar steps—halting buybacks on non-trading days and putting limits in place during regular hours, The Paper reported. “Bullion trading sentiment has gone from hedging to speculation,” said Shen Meng, executive director at Chanson Capital, who added that such restrictions might temper the market. (The Paper)
It’s not just China feeling the turbulence. CME Group has bumped up margin requirements several times for gold and silver contracts as price swings have sharpened. The most recent hike will kick in after Friday’s close. (Reuters)
Gold remains in focus on the macro front, with China’s central bank picking up the metal for a fifteenth consecutive month in January. Holdings rose to 74.19 million fine troy ounces. Reuters noted the metal spiked to almost $5,600 an ounce that month before a sharp pullback. (Reuters)
ICBC’s A-shares moved between 7.22 yuan and 7.35 yuan on Friday, with turnover around 251.5 million shares. The stock previously settled at 7.30 yuan, LSEG data showed on the Reuters market page. (Reuters)
Other big banks grabbed attention of their own. Bank of China landed in the spotlight Friday, as Reuters named it among state lenders to watch after Xinhua said ex-vice president Lin Jingzhen was kicked out of the Communist Party for major breaches of discipline and law. (Reuters)
Still, if bullion settles down and retail demand fades, those gold curbs might lose their sway over stocks. Flip the script, though—should prices surge again, the sector could face tougher, more sweeping limits. And if authorities try to loosen credit once more, bank margins could be back under scrutiny.
Next up, investors are zeroed in on China’s National Bureau of Statistics, set to drop the CPI and PPI figures Feb. 11 at 09:30. These numbers have the power to shift rate bets and shape how the big banks are thinking. (stats.gov.cn)
