China’s biggest bank by assets has suspended new retail investments in products linked to oil and other commodities, as pressure mounts on banks to protect small investors following heavy losses linked to recent swings in US crude prices.
Industrial and Commercial Bank of China (ICBC) said on Monday that it was halting all new investments in commodity-linked products due to the recent price volatility, warning investors that they risked big losses from products that have gained in popularity across Asia.
The move from ICBC suggests that the Chinese financial industry is keen to damp demand for products that many punters had assumed would be a sure-fire hit, betting the oil price would recover from lows marked earlier this year.
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