New regulations on gold value-added tax have triggered a chain reaction, with several banks suspending the exchange of accumulated gold for physical gold.


on November 1, the Ministry of Finance and the State Administration of Taxation issued new rules on value-added tax for gold. On the first working day after the weekend, banks such as Industrial and Commercial Bank and Construction Bank successively announced the suspension of new purchases of accumulation gold business and physical gold exchange; some banks without explicit announcements also actually suspended physical gold exchange.