HONG KONG – Stocks in China plunged 7.7 percent on Monday, the largest one-day sell-off since the 2008 financial crisis. But China’s top securities regulator, Xiao Gang, showed no sign of concern as he addressed a financial forum here.
After all, the sell-off was largely engineered by Mr. Xiao’s agency. On Friday evening, the China Securities Regulatory Commission cracked down on borrowing to invest in shares by placing a temporary ban on margin financing against three of China’s biggest brokerage firms.
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