March 18, 2020 / 9:24 AM / in 16 days

China's ICBC to adjust bid-ask spread amid market fluctuation

BEIJING, March 18 (Reuters) - Industrial and Commercial Bank of China (ICBC) said on Wednesday it will adjust the bid-ask spread for trading on global crude oil and precious metals amid market fluctuations.

The move comes as global oil prices tumbled to a 17-year low, while gold, platinum and silver shed more than over 3%.

ICBC said it will widen the spread when market sees tight liquidity and big fluctuation, in order to reduce market risk.

The bank also warned of speculation and said that it will suspend accounts if it finds any irregular trading movement. (Reporting by Muyu Xu, Leng Cheng and Beijing Newsroom, editing by Louise Heavens)

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