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How to open a paper gold account at ICBC

Operating environment:

Brand model: iPhone13

System version: iOS15.3.1

App version: v7.0.1.2.5< /p>

1. Open a mobile banking account: First, users who do not have an ICBC card need to go to the counter to apply for a bank card, then download and log in to ICBC mobile banking, enter the investment and wealth management page, find the metal, and fill in the information according to the page prompts After signing the relevant agreement, you can open a gold account for trading.

2. Opening an account at the counter: Users can go to the company's bank branches with their personal ID cards and ICBC cards to open a gold trading account.

What is paper gold:

Special Drawing Rights, also known as "paper gold", was first issued in 1969. It is allocated by the International Monetary Fund based on the shares subscribed by member states. of.

Its value is determined by a basket of reserve currencies consisting of the U.S. dollar, euro, yuan, Japanese yen and pound sterling. When a member country encounters a balance of payments deficit, it can use it to exchange for foreign exchange from other member states designated by the Fund to repay the balance of payments deficit or repay the Fund's loans. It can also serve as an international reserve like gold and freely convertible currencies. Because it is a supplement to the original ordinary drawing right of the International Monetary Fund, it is called the special drawing right.

Paper gold is a product of gold investment, which is the same type as spot gold, futures gold and gold options.

Paper gold is very straightforward. It is issued by a bank. For example, the current price of gold is 300RMB/gram (there are also some rules to follow when pricing gold). The bank plus its commission is usually 0.3 yuan - 0.5 yuan per gram. It means that the bank gives you a piece of paper, and you buy it at the current gold price of 300.5 yuan/gram. You buy 100 grams, spend 30,050 yuan, and get a paper voucher. Two days later, the price of gold increased to 350 yuan/gram. At this time, you sold it to the bank for 35,000 yuan (whichever bank buys it will sell it. Only China’s four major banks, China Agricultural, Industrial and Construction Bank, have the right. issued), and finally you earned 4,950 yuan.

Background of paper gold:

After World War II, the Bretton Woods system was formed in 1944. The U.S. dollar was pegged to gold, and the exchange rates of other major countries were pegged to the U.S. dollar. The first dollar crisis in the early 1960s exposed the major flaws of the dollar-centered Bretton Woods monetary system.

An international monetary system with one country’s currency as its backbone cannot maintain long-term stability. Under this system, only gold and the U.S. dollar are reserve assets. The supply of gold is very small, and the United States can only provide the world with more dollars as the international base currency through continued balance of payments deficits.