Chinese Fund Manager Halts Gold-Linked ETF After Premium Surges [BNN Bloomberg (Canada)]
CITIC SECURITIES UNSP/ADR (CIIHY)
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Source: BNN Bloomberg
Trading for the ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF has been suspended until 10:30 a.m Monday local time, in order to protect investors' interests, China Asset Management Co. said in a statement Monday. The decision came after the fund's premium over its underlying assets increased to more than 30% as of April 3, the highest on record, Bloomberg-compiled data shows. The ETF's price has gained over 40% in the past four sessions. The frenzy for such products in China came after a record-setting rally in gold in recent weeks on expectations of US interest rate cuts and amid rising geopolitical uncertainties. It's also the latest example of Chinese investors flocking to pockets of market strength with the country's property in the doldrums and confidence still weak in the economy. ©2024 Bloomberg L.P.
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