Savers in China are scrambling to swap their yuan savings for gold bullion.
The number of gold saving accounts at Industrial and Commercial Bank of China has grown above 1,000,000 within a year of ICBC launching the service.
ICBC is the largest and most profitable commercial bank in the world. Its Gold Accumulation Plan – officially launched only last month, but already piloted in several key cities and now serving one-in-20 of ICBC’s huge 215 million client base – has less than 0.1% penetration. Private Chinese gold demand looks set to rise with or without the world’s largest bank even enaging its marketing department.
Read more at Forbes…