Banks Lower Structural Deposit Rates as Fund Managers Reduce Gold ETF Holdings

According to State-owned bank officials reported by China Securities Journal, multiple banks have lowered the expected returns on structural deposit products linked to gold prices as of June 9. Meanwhile, fund managers have begun reducing their gold ETF positions. "We have already trimmed our gold ETF holdings and maintained some core positions. We are currently monitoring Federal Reserve Chair Kevin Walsh's remarks at the upcoming policy meeting to guide our adjustment strategy," a treasury official at a major state-owned bank told reporters.
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