China Construction Bank was Approved to Establish A Precious Metals and Commodities Business Department
The website of the CBIRC announced that China Construction Bank was approved to establish a precious metals and commodities business department, registered in Shanghai, which is a branch-level specialized institution with business scope of agency and proprietary precious metals business and precious metals and commodities derivatives business.
This is the first commercial bank in China to be approved to set up a precious metals and commodities business department. On the one hand, by specializing the business, banks can improve the service quality of related business; on the other hand, as the precious metals and commodities business is different from the traditional business of banks, it also helps to control the risk of related business.
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