All Members, 

According to the holiday schedule issued by the Exchange, the market will be closed from September 29h (Saturday) to October 7th (Sunday). The market will be opened on October 8th (Monday), and the last trading session before holiday will be the afternoon session on September 28th (Friday).

To mitigate market risk during the holiday, we decide to make adjustment to the margin rates and price limits of deferred products according to Measures for the Administration of Risk Control of the Shanghai Gold Exchange. Detailed adjustment is hereby given as below: 
1. As of after-hours clearing on September 27th, 2018 (Thursday), margin rate for Au(T+D), Au(T+N1), Au(T+N2) and mAu(T+D) will be adjusted from 6% to 9%, and price limit will be adjusted from 5% to 8% since the next trading day. Margin Rate for Ag(T+D) will be adjusted from 7% to 11%, and price limit will be adjusted from 6% to 10% since the next trading day. 
When a Limit-Locked Market occurs for a specific deferred product on September 27th 2018 (Thursday), margin rate and price limit for the product will be calculated according to the Measures for the Administration of Risk Control of the Shanghai Gold Exchange. The Exchange will adopt the margin rate and price limit of the higher level for the product. 
2. After trading resumes on October 8th (Monday), as of the first trading day when a Limit-Locked Market does not occur, margin rate for Au(T+D), Au(T+N1), Au(T+N2) and mAu(T+D) will be restored to 6%, and price limit will be restored to 5% since the next trading day. Margin rate for Ag(T+D) will be restored to 7%, and price limit will be restored to 6% since the next trading day. 

All members are requested to properly conduct risk control, duly increase margin requirement based on customers’ position and risk profile, and remind customers of risk control, prudent operation and rational investment.