China’s securities regulator held a virtual meeting with executives of major investment banks, in an effort to ease market concerns about the crackdown on the education industry.
- The call, which included attendees from major international banks, was led by China Securities Regulatory Commission Vice-Chair Fang Xinghai. Bankers left with the message that the education policies were targeted and not seeking to hurt companies in other industries.
- The meeting is the latest sign that Beijing has become uncomfortable with a selloff that sent the country’s key stock indexes to the brink of a bear market.
- China’s CSI 300 Index rebounded from early losses on Wednesday to closing with a 0.2% gain. Banks were among the biggest contributors to the advance.
- Chinese stock-index futures expanded gains in late Hong Kong trading after reports of the CRSC meeting, jumping 2.3% at 9.58 p.m. local time.
Chinese authorities have a long history of making efforts to smooth swings in domestic markets. They ‘re taking action now after the slump in the U.S.-listed tutoring companies like TAL Education Group and New Oriental Education & Technology Group Inc.
CSI 300 Index up 0.19%
Source: Bloomberg.