Chapter I General
Article 1
ICBC Gold Trading Service for Personal Account refers spot trade by personal customer between gold (ounce) and USD, between gold (gm) and RMB under ICBC Gold Trading System for Personal Account within ICBC trading hours either at the counter or through e-Banking (including Internet Banking, Telephone Banking and Self-Service Terminals).
Article 2
ICBC Gold Trading Service for Personal Account is a firm bid trade service.
Chapter II Opening of Gold Trade for Personal Account
Article 3
Customer should have full civil capacity and agree to abide all State Laws, Regulations and Administrative Rules on Gold Trade under Personal Account, as well as ICBC regulations when applying and using such service offered by ICBC.
Article 4
Customers who apply for ICBC trade service of gold (ounce) with USD under Personal Account can specify or open a new multi-currency current account as settlement account.
Customers who apply for ICBC trade service of gold (gm) with RMB under Personal Account can specify or open a new primary account in Money Link Card or Elite Club Account Card as the bank account, and open Gold (gm) Account at the business office designated by ICBC.
Customers who open new account should present valid ID card to verify real name and warrant that information provided are true, accurate, complete and valid. Any changes on the above should be timely made by arriving at ICBC business office in person.
Article 5
Customer's Gold Account is only used for keeping records on receipts and payments of gold trade. Gold balance in the account cannot be used for withdrawal, transfer or exchanged into physical gold. No interest is accrued.
Article 6
Customer can apply for Gold Trading Service for Personal Account over ICBC Counter, or through Telephone Banking, Internet Banking or Self-Service Terminals. Customers who apply for Gold Trading Service for Personal Account through Telephone Banking, Internet Banking or Self-Service Terminals should register e-Banking first before qualified to trade.
Article 7
Customer who apply for Gold Trading Service for Personal Account at ICBC business office and through e-Banking channels must abide this regulation, ICBC e-Banking Regulations as well if apply through e-Banking channels.
Chapter III Use and Custody of Account and Password
Article 8
Loss of passbook, Money Link Card, Elite Club Account Card of customer's Personal Account of Gold Trading, or password has been forgotten or disclosed should be timely reported following ICBC regulations. The customer is liable for all consequences arising before report of the loss took effect.
Article 9
While processing the application of Gold Trading Service for Personal Account, all services which need password input from customers are considered as application by the customer.
Article 10
ICBC hold responsible for keeping confidential on customer's personal information and account transactions, unless otherwise specified by law and regulations.
Chapter IV Quotes and Transaction
Article 11
ICBC Gold Trading Service for Personal Account includes two trading varieties: Gold (ounce) exchange with USD and Gold (gram) exchange with RMB. Gold (ounce) exchange with USD is quoted in USD, trading unit is "Ounce". Gold (gram) exchange with RMB is quoted in RMB, trading unit is "Gram". Gold (ounce) and Gold (gram) belong to two different accounts and no conversion between the two.
Starting amount of each gold trade for Personal Account in gold (ounce) exchange with USD is 0.1 ounce of gold, minimum trading unit is 0.01 ounce. Starting amount of gold trade for Personal Account in gold (gram) exchange with RMB is 10 gram of gold; minimum trading unit is 1 gram.
Article 12
Gold trading hours for Personal Account refers to the hours specified by respective ICBC business offices.
Article 13
Gold trade quotes offered by ICBC to customers will be updated real-time in line with international market. Gold prices that customers obtained through enquiry on exchange rate screen, e-Banking or other channels are all reference prices. Closing price that customers trade real-time at the counter take the price signed by customers in ICBC Gold Trading Service for Personal Forex/Account Application Form surrendered by the ICBC business office that processes for customers. Closing details of trade order at the counter take the computer closing record of the ICBC business office that processes for customer. Registered customer of e-Banking can check the closing details through ICBC e-Banking.
Article 14
Gold Trading for Personal Account has two closing modes: Real-Time and Order. Real-Time trades close at the ICBC spot gold price during processing. Order trades close at the price determined by customers. Once the ICBC spot gold price meets the closing conditions determined by customers, order is closed at this price.
Article 15 Order Trade
(I) Order Trades are divided into three types: Profit-Making, Stop-Loss and Two-Way. Types of Order Trades available for customers refer to the actual types offered by ICBC business offices or e-Banking
(II) Customers can submit order using available funds in the account or gold balances. Order will not be accepted in full if the funds in the account or gold balances are less than the amount required for the order.
(III) Equivalent funds or gold needed for the order in the account will be frozen after order has been accepted. Customers cannot make any transaction, order, cash withdrawal or transfer on the frozen funds till order has been closed, cancelled by customers or automatically invalid. Order is considered to be accepted when customer's order instruction has been made into a record in ICBC Account Gold Trading System and started to determine real-time if quote meets with the closing conditions specified by customers. Order is considered to be closed when quote satisfies the closing conditions specified by customers and release the funds or gold due to acceptance of the order and trade accordingly.
(IV) Validity of the order is minimum 24 hours and maximum 120 hours. Order validity is calculated continuously. No differentiation in ICBC trading hours or non-trading hours. Open order that run out of the validity period will be automatically invalid. Customers can cancel orders that are within the validity period and not yet closed during ICBC trading hours. The way that customer cancel the order should be different from that the way to submit the order.
Article 16
Settlement of funds will be completed real-time after closing of the trade.
Article 17
USD cash and remittance cannot be mutually converted in Personal Account of Gold Trading. Account gold that customer buys using USD cash is still USD cash after selling. Account gold that customer buys using USD remittance is still USD remittance after selling.
Article 18
Customer should be familiar with ICBC electronic trading. Customer is responsible for all consequences arising from wrong operation.
Article 19
ICBC disavows any economic or legal responsibility in connection with no trading is allowed for customer or trade is delayed due to failure of trading system network communication or other force majeure events.
Article 20
ICBC has the right to cancel or re-trade according to the normal price agreed by both parties on those transactions with erroneous closing prices, erroneous closing amount and erroneous detail items in closing currency account due to failure of trading system, network communication or other force majeure event.
Article 21
ICBC has the right to cancel unfair transactions resulting from customer fraudulence or other illegitimate purposes and other abnormal transactions not of ICBC fault, with appropriate measures taken to stop these kinds of transactions happening again.
Article 22
All accounts, computer confirmation, closing verification letter and other vouches of abnormal transactions are invalid. Customer has no right to claim on them.
Article 23
Trading instructions submitted by customer at a time over the trading hours specified by ICBC are invalid. Trading instructions which are impossible to execute due to insufficient balance in the account specified by customer for gold trade are invalid.
Chapter V Notice and Others
Article 24
Gold trades for Personal Account involves many risks including policy risk, price risk, exchange rate risk, communication system security and network system security. Prices of gold will fluctuate sharply influenced by all kinds of international political and economic factors as well as sudden events. Customers should recognize the inherent risks of this service. All customers applying for Gold Trade under Account are considered to bear all consequences arising from the above risks.
Article 25
ICBC reviews and analytical opinions on gold market are only served as reference for customers and not used as evidence of actual trade. ICBC disavow any economic or legal responsibility for any loss to customers resulting from customers' use of such reviews or opinions.
Article 26
Enforcement, performance, amendment, termination, interpretation and dispute resolution of this regulation are governed according to the laws of Peoples' Republic of China.
Article 27
ICBC reserves the right to interpret and make the necessary amendments to this Regulation. Any changes or amendment to this regulation will be informed accordingly in advance by ICBC through website or business offices.
Article 28
This regulation shall be effective from April 26, 2006. Original ICBC Regulation of Gold Trade for Personal Account becomes void at the same time.
This agreement is drafted and executed in chinese. It is translated into english for reference only. In case there are any discrepancies between the Chinese version and the English Version, the Chinese Version shall prevail. ICBC reserves the right of final interpretation. Click here to read Chinese Version agreement.
