Everything China’s doing to rescue its battered stock market
Also Read: Chicago Distressed Properties Lure Bargain-Hunting Buyers Feb. 18: Chinese Premier Li Qiang called for “pragmatic and forceful" action to boost the nation’s confidence in the economy. Officials should focus on solving practical problems faced by individuals and companies as the holiday ends, Li said, adding that they need to “win the trust of the people with real work and achievement." Feb.
7: In a surprise move after markets had closed for the day, Beijing replaced the head of its securities regulator. Wu Qing, a banking and regulation veteran who earned the reputation as “the broker butcher" when he led a crackdown on traders in the mid-2000s, is replacing Yi Huiman as chairman and party chief of the China Securities Regulatory Commission, according to the official Xinhua News Agency. Feb.
6: China’s financial regulator calls for further, prompt implementation of a financing coordination mechanism to support developers at a meeting, according to a statement. Regulators plan to brief President Xi Jinping on the market as soon as Tuesday, Bloomberg News reported. While it’s unclear whether any new support measures will come out of the Xi meeting, traders are hoping this time will be different.
Also Read: India's surprising GDP growth rate leaves economists puzzled. Here's why Central Huijin Investment Ltd., the unit that holds Chinese government stakes in big financial institutions, said it will buy more exchange-traded funds. The securities regulator vowed in a follow-up comment to maintain stable market operations, adding that authorities will continue to guide various institutional investors and funds to enter the market with greater efforts.
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