Earlier, ICBC rolled out a service across the country for personal customers to trade palladium via account, either buying a fixed quantity at regular intervals or placing two-way orders. ICBC is the first commercial bank in China to launch the service. The new service is aimed at better aligning with the investment needs of the customers by adding palladium for customers to buy and sell. In 2011, ICBC was the first bank in China to launch the service for trading palladium via account.

Palladium is a major precious metal in the international market. Palladium has similar physical properties as platinum and can be used for industrial purposes. Palladium price is relatively low, which does not cost much for new investors but palladium price fluctuations are very common. The new ICBC service allows customers to buy palladium at the price less than their intrinsic value, or sell palladium when the price is high, buy palladium when the price is low. An ICBC executive said, regular investment of palladium via account is a service for personal customers to use RMB or USD to buy a fixed sum or quantities of palladium via account at regular intervals, within a period stated in the investment plan. Customers sign the agreement either at the ICBC counter or via electronic banking and set up the regular investment plan. When compared to trading palladium via account through firm bid, there are many benefits for investors to buy palladium in fixed sum/quantities at regular intervals via account: amass larger quantities through regular small investments, save time and effort, spread cost and diversify risks. The service is very suitable for investors who wish to buy precious metals mid- to long-term and willing to assume certain risk, yet cannot afford the time and lack experience to study the precious metal market.

Meanwhile, two-way trading of palladium via account is another choice for customers to buy/sell palladium and gain profit even if the price of palladium plunges. The service is well-suited to experienced retail investors with high risk appetite, and having certain knowledge about palladium market.

Since the launch of the services, ICBC has rolled out a wide range of precious metals for customers to buy/sell via account (gold, silver, platinum and palladium) under different options (order placing, regular investment and two-way trading), said an executive with the Bank. Apart from being the first bank in the country to launch the service, ICBC sits on top of the league table in terms of trading volume and number of customers. In the next step, through product innovation, resource consolidation and channel set up, ICBC will continue the effort to explore the potential of precious metal market, and move faster to provide even better products and services to all retail investors to invest in precious metal.