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China’s gold trading hub rattled as second platform faces payment crisis (www.scmp.com)

submitted 1 week ago by rss@news.abolish.capital to c/china@news.abolish.capital

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Following the sudden demise of a major gold trading platform in the southern Chinese city of Shenzhen, another retail-focused operator has suffered a run, stoking fears of contagion in China’s private market for the precious metal. The platform, Ydd007, is the latest to face trouble. On Sunday, it told investors that it had experienced three “severe runs” in recent days amid mounting industry panic. It also acknowledged a significant funding shortfall, according to Chengdu.cn, part of the...

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