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Caixin

Chinese banks to freeze new accounts for precious metal trades

Move comes after global price volatility saddles investors with huge losses

Major Chinese banks have warned customers to become more aware of risks as investor losses have made regulators wary of complaints.   © Reuters

At least seven Chinese banks, including all of the country's state-owned "Big Four," said they would suspend the opening of new accounts for precious metals trading, according to public notices posted on the banks' websites.

The move comes after volatile metal prices in recent months caused some investors to chalk up huge losses on international markets.

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