The Chinese regulator has asked commercial banks to halt new sales of a wide range of wealth management products that might lead to unlimited losses for investors, two sources told Reuters.
) said on Monday that it will suspend all open positions for retail investor products linked to commodities futures, including crude oil, natural gas, copper and soybeans, from Tuesday.
It warned investors on Monday of a possible loss of all investments or cash deposits in these products due to commodities market volatility. Shanghai Pudong Development Bank also said in a notice on Monday that it would suspend open positions for its copper and soybean trading products from the morning of April 28.
CME updated its systems to process negative prices earlier this month. In a notice dated April 8, it told clearing firms and clients that it had a plan in place “if major energy prices continue to fall toward zero in the coming months,” and if WTI crude oil, RBOB gasoline or heating oil futures fell between or below a certain range.
Oil prices have plunged this year due to the spreading economic impact of the coronavirus pandemic, a price war triggered by major producers Saudi Arabia and Russia, and a shortage of storage for excess oil, causing many crude oil-linked products to rack up major losses.
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