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Goldman Sachs: Chinese Market De-risks Ahead of Golden Week Holiday, Shanghai Futures Exchange Gold Open Interest Down 2.6%, Exacerbating Liquidity Risk
According to Goldman Sachs' gold trading desk data, long positions on the Shanghai Futures Exchange (SHFE) were liquidated at the open during the day's trading session, with open interest decreasing by approximately 11,000 lots, a decline of about 2.6%. Goldman Sachs noted that with the SHFE closed for a week from October 1st to 7th for the National Day holiday, the market expects pre-holiday deleveraging pressure to continue, exacerbating liquidity risk.
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