Arab Today, arab today china cracks down on illegal stock trading accounts
Last Updated : GMT 08:11:21
Arab Today, arab today
Arab Today, arab today

China cracks down on 'illegal' stock trading accounts

Arab Today, arab today

Arab Today, arab today China cracks down on 'illegal' stock trading accounts

China's benchmark Shanghai stock index
Shanghai - AFP

China said it is cracking down on thousands of stock accounts linked to illegal trading, in its latest bid to restore order to markets pummelled by a rout that has wiped trillions off valuations in the country since June.

The China Securities Regulatory Commission (CSRC) has so far targeted 3,255 accounts, shutting some and forcing others to trade through legal channels, it said in a statement late Monday.

The violations included investors failing to register real names on their accounts, and using platforms that facilitated margin trading outside regulators' oversight, it said.

Margin trading allows investors to use borrowed funds to trade stocks with only a small portion of money as deposit.

China's benchmark Shanghai stock index has plummeted around 40 percent since hitting a June 12 peak, prompting leaders to launch an unprecedented rescue package including the buying of equities by government-backed entities.

The regulatory crackdown began in July and the CSRC still has to check more than 2,000 accounts holding nearly 188 billion yuan ($29 billion) worth of shares, according to the statement.

Chinese stocks fell on Monday and Tuesday owing to news of the crackdown, analysts said, though the CSRC played down the impact.  

"It will not have an obvious impact on the market," it claimed.

The CSRC earlier this month fined three companies a combined 453 million yuan ($71 million) for conducting "illegal securities business", which has been blamed for volatility on the plunging markets.

Police have detained Wang Xiaolu, a journalist with the respected business magazine Caijing, after he wrote a story in July saying the regulator was studying plans for government funds to exit the market.

Authorities have also detained an official from the CSRC and four senior executives of Citic Securities, the country's biggest brokerage by assets, for "stock market violations", the official news agency Xinhua reported last month.

The CSRC and police earlier announced a joint campaign against what authorities call "malicious" short-selling, essentially a bet stock prices will go lower.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china cracks down on illegal stock trading accounts Arab Today, arab today china cracks down on illegal stock trading accounts

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday