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China Banks Ordered to Halt Cmdty Futures Products: Newspaper

MNI (Beijing)

Chinese banks have been ordered by financial authorities to stop selling commodity-related investment products to individual investors as a measure to contain risks given the current commodity price swings, reported citing anonymous sources. Banks must also limit opening new accounts for buying gold and silver products and raise the investment threshold, the newspaper said. So far, the prices of most futures have fallen back to their two-month lows under the regulatory authority's tight grip on market speculation and hoarding as well as uncertainties over the Federal Reserve's possible rate hike, though prices are still rising from a year earlier, the newspaper said.

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