Recently, Industrial and Commercial Bank of China (ICBC) announced that, in light of multiple factors contributing to recent market instability, and to further protect the rights and interests of individual investors, the bank will adjust the product risk rating and customer risk tolerance level for its Ruyi Gold accumulation business. Effective from May 19, 2026 Beijing Time, the product risk rating for the Ruyi Gold accumulation business will be adjusted to R2 (Low-to-Medium Risk), with the corresponding customer risk tolerance level adjusted to C2 (Conservative) or higher.
This adjustment reflects the evolving investment nature of gold accumulation products. Gold accumulation has long been viewed by many ordinary savers as a stable option for "saving money to buy gold." Influenced by declining interest rates, some investors have also shifted funds towards purchasing gold or gold-related investments. However, as gold prices have surged and volatility intensified, the nature of gold accumulation products is shifting from a "savings substitute" to a "high-volatility investment." Banks are compelled to proactively guard against potential customer complaints and compliance risks.
It is noted that ICBC had previously raised the required risk tolerance access level for its personal gold accumulation business starting January 12, 2026, requiring customers to have a risk assessment result of C3 (Balanced) or higher. Analysts suggest that ICBC's recent move to lower Ruyi Gold back to R2 is primarily a dynamic reassessment of risks following the extreme volatility and consolidation in gold prices. This adjustment aims to ensure investors' risk tolerance aligns with product risk levels, fulfilling suitability obligations and promptly and accurately informing investors of associated risks. Compared to last year's market conditions, gold prices this year have generally shown a pattern of surging, then retreating, followed by range-bound fluctuations. Consequently, gold accumulation business has become more volatile but with a lower likelihood of principal loss.
For users, the most significant change is the access threshold. Previously requiring a C3 (Balanced) rating, it now permits purchases by those with a C2 (Conservative) rating. Existing users who already hold Ruyi Gold accumulation accounts are unaffected in terms of holding or redeeming their positions. For new users, after the new rules take effect, a risk assessment will be required. Passing with a C2 (Conservative) rating will allow them to purchase.
On the regulatory front, on March 21 last year, the National Financial Regulatory Administration issued the "Commercial Bank Agency Sales Business Management Measures," which clearly stipulates internal management systems for agency sales, partner institution management, agency product access management, sales management, and ongoing management of agency products for commercial banks. These measures took effect on October 1, 2025.
For banks, timely adjustments to risk ratings strengthen compliance and risk management capabilities, helping establish a more robust product evaluation system and preventing disputes arising from a mismatch between product risk and investor risk tolerance.
As for ordinary investors, it is crucial to closely monitor adjustment announcements issued by banks through official websites, apps, and other channels. They should promptly reassess their own risk tolerance to ensure investment product ratings align with their personal risk preferences before proceeding with investments.
Furthermore, sharp fluctuations in precious metal prices often concentrate during the U.S. trading session (Beijing Time 20:00 to 02:00 the next day). Previously, domestic banks' gold accumulation trading often closed as early as 23:00 or earlier. This left investors in a passive situation, potentially "trapped by a sharp overnight gold price drop by the next day's opening," missing optimal trading opportunities.
Addressing this pain point, several banks have extended gold accumulation trading hours, making night trading services a new industry standard. Extended night sessions allow investors to execute trades during key moments of significant price volatility at night, effectively reducing overnight risk.
Industrial Bank officially launched night trading functionality for its gold accumulation business starting May 8, adjusting trading hours to 9:00 on trading days until 02:00 the next morning, covering more active periods of international gold price fluctuations.
Prior to this, several banks had already taken the lead in extending gold accumulation trading hours. China Construction Bank's trading hours are from Monday 9:10 to Saturday 02:30; Jiangsu Bank's trading hours are from Monday 9:00 to Saturday 02:30, making it one of the products with the longest trading hours in the market; China Merchants Bank's Gold Account business trading hours are from 9:10 on trading days until 02:00 the next morning; China Minsheng Bank's electronic channel trading hours are from Monday to Friday 9:10 until 02:00 the next morning.