China Slashes Metal Trade Invoice Quotas Amid Record Industry Profits

China's tax authorities have launched a sweeping crackdown on invoicing that is disrupting trading in the world's largest metals market, creating significant friction for traders and firms that rely on these financial instruments to conduct business. The enforcement action centers on severe reductions in —the permits that allow companies to issue the documents underpinning metal trades—leaving many market participants scrambling to adjust their operations.