1. LINE

      Text:AAAPrint
      Economy

      Illegal trading investigated after stock market chaos

      1
      2015-07-12 08:34Xinhua Editor: Wang Fan

      The Ministry of Public Security has joined hands with China's financial regulators to stabilize the stock market, vowing to crack down on illegal futures trading.

      A team led by Vice Minister of Public Security Meng Qingfeng visited the head office of the China Securities Regulatory Commission (CSRC) on Thursday morning to investigate what it called "malicious short-selling of stocks and stock indices", an example of the dodgy practices many believe resulted in the rout in the Chinese stock market over the past few weeks.

      Police and the stock regulator have also looked into more than 10 institutional and individual investors for alleged "malicious" shorting of blue-chip stocks, the China Securities Journal reported on Thursday.

      Most of the country's stock index futures traded down by the daily limit of 10 percent earlier this week as the Shanghai and Shenzhen benchmark indices tumbled nearly 30 percent from their peaks in mid-June.

      However, with additional funding provided by Chinese securities brokerages and regulators, the stock market ended its losing streak on Thursday. The bounce continued through Friday, as the Shanghai Composite Index closed up 4.54 percent while the benchmark in Shenzhen surged 4.59 percent. Around 1,400 listed firms, over half of all those traded in Shanghai and Shenzhen, are suspended from trading to prevent a further retreat in share prices, according to market intelligence agency Wind.

      The Economic Crime Investigation Department under the Ministry of Public Security is responsible for combating illegal trading and financial crimes and has with financial regulators in the past.

      In 2012, local police helped the CSRC root out illegal securities brokerage business by a Shenzhen-based company across many provinces.

      In the latest case of cooperation to prevent China's stock market from tumbling further, the Ministry of Public Security urged local police "to work closely with regulators to ward off and crack down on illegal activities in financial futures in accordance with law".

      The crackdown will focus on insider trading, fabricating and spreading fraudulent information about futures trading, and market manipulation. Police will also open a probe with the CSRC into the "malicious short-selling", though it didn't specify what constitutes malicious short-selling.

      "The cooperation between police and stock regulators in cracking down on illegal activities will send out a strong deterrent to the market and hopefully this will assuage panic among investors," said Zhao Qingming, chief economist at the Institute for Financial Derivatives, the research arm of the China Financial Futures Exchange.

      "Police and regulators should ensure nobody breaks the law in market trading and punish those who engage in illegal activities," said Xu Hongcai, an economist at China Center for International Economic Exchanges, a Beijing-based think-tank.

      Regulators should find out whether illegal activities contributed to the sharp fall in China's stock market over the past two weeks, Xu added.

      According to China's criminal law, market manipulators could face up to 10 years in prison and heavy fines.

      Police are also targeting stock market rumormongers. Beijing police said on Sunday that they had detained a 29-year-old man for spreading rumors that a person had jumped off a highrise in Beijing's Financial Street after incurring heavy losses in the stock market. The picture and video posted online, the police said, were actually of a man falling off a building in east China's Jiangsu Province, and the cause is still unknown.

      "The market correction should teach investors a lesson about the stock market," Xu said. "They should not make decisions based on hearsay and rumors."

      Related news

      MorePhoto

      Most popular in 24h

      MoreTop news

      MoreVideo

      News
      Politics
      Business
      Society
      Culture
      Military
      Sci-tech
      Entertainment
      Sports
      Odd
      Features
      Biz
      Economy
      Travel
      Travel News
      Travel Types
      Events
      Food
      Hotel
      Bar & Club
      Architecture
      Gallery
      Photo
      CNS Photo
      Video
      Video
      Learning Chinese
      Learn About China
      Social Chinese
      Business Chinese
      Buzz Words
      Bilingual
      Resources
      ECNS Wire
      Special Coverage
      Infographics
      Voices
      LINE
      Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.
      主站蜘蛛池模板: a视频在线免费观看| 精品久久久久久国产免费了| 日韩免费观看一级毛片看看| 黄色一级免费网站| 亚洲成在人线av| 成年午夜视频免费观看视频| 国产亚洲精品国产福利在线观看| 怡红院亚洲怡红院首页| 成人午夜免费福利视频| 色妞www精品视频免费看| 亚洲国产美国国产综合一区二区 | 日本高清免费不卡在线| 韩国免费a级作爱片无码| 亚洲成AV人片久久| 亚洲成a人片在线观看国产| 免费v片在线观看视频网站| 一级特黄录像免费播放中文版| 久久久久亚洲AV无码网站| 亚洲第一黄色网址| 日韩不卡免费视频| a在线观看免费网址大全| 亚洲av综合av一区二区三区| 亚洲一区二区在线视频| 亚洲国产精品自在拍在线播放| 最近中文字幕免费2019| 一个人免费观看www视频| 亚洲色大成网站WWW国产| 亚洲国产成人久久综合一| 亚洲成av人在片观看| 免免费国产AAAAA片| 永久免费A∨片在线观看| 理论片在线观看免费| 99999久久久久久亚洲| 久久青青草原亚洲AV无码麻豆 | 亚洲欧洲美洲无码精品VA| 精品国产一区二区三区免费看| 91九色老熟女免费资源站| 999zyz**站免费毛片| 污污视频免费观看网站| 亚洲国产精品99久久久久久| 亚洲国产成人精品无码区在线秒播|