CSRC denies plans to withdraw funds
Print Edition
CHINA’S securities regulator said yesterday that it will continue to support measures to curb volatility in the A-share market, dismissing a media report which claimed that it planned to withdraw its stabilization funds from the stock market.
“Stabilizing the market, maintaining investors’ confidence and preventing systemic risk are still the goals for the China Securities Regulatory Commission,” spokesman Zhang Xiaojun said in a statement yesterday, adding that the CSRC will do its utmost to fulfill these tasks.
“It is irresponsible for media to publish information that has huge market implications before verifying it with regulators,” Zhang said.
Beijing-based Caijing magazine reported earlier yesterday that the CSRC was considering several options to pull out the funds that it had pumped in to stabilize the stock market in the past few weeks.
China’s stock markets suffered their worst crash since the global financial crisis, wiping out US$4 trillion since it went into a nosedive from June 18 till July 8.
Caijing said brokerages which bought shares at CSRC’s request would be allowed to dispose of them.
Besides, it said China Securities Finance Corp (CSF), the only institution that provides margin financing loans to securities companies, will be asked to buy shares from the brokerages or set up an exchange-traded fund to absorb the shares owned by the securities companies.
The benchmark Shanghai Composite Index had rebounded 13.8 percent till yesterday since the meltdown.
The measures taken to stop the bleeding included banning major shareholders from selling stakes, ordering CSF to buy equities, and stepping up investigation of margin lending.
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