July 3, Thursday
High-Level Voices:
The People's Bank of China recently issued a notice clarifying that for cash transactions of RMB 100,000 or more (including 100,000) per transaction or daily cumulative amount, precious metals and gemstone trading institutions must fulfill anti-money laundering obligations and report accordingly.
Overall Sentiment:
Yesterday, the market moved forward under policy support. Despite an overall market decline, sectors highlighted in official meetings saw gains. The official stance is to regulate low-price, disorderly competition, guide companies to improve product quality, and promote the exit of outdated production capacity. Players in these industries believe everyone else is outdated, leading to widespread sector gains.
Despite positive policy signals, overall market trading volume shrank. With gold purchases above 100,000 yuan now regulated, earlier speculations about loosening restrictions seem even less likely. 0 reply
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