1. China's stock watchdog said its clampdown on illicit securities trading will not impact the market, after Chinese shares slumped unexpectedly on Monday. The China Securities Regulatory Commission (CSRC) on July 12 started to crack down on capital that enters the market via illegal channels to reduce risks and deflate bubbles, and had cleaned up over 60 percent of trading accounts suspected of illegal financing by Friday. Of the accounts that dealt with, CSRC spokesperson Deng Ge said, more than 75 percent were legalized and only 6 percent were closed.
2. China's top economic planner on Monday laid out fresh measures aimed to increase investment. Xu Shaoshi, head of the National Development and Reform Commission (NDRC) told a press conference that funding for targeted projects would be increased and the commission would encourage more cooperation between government and private capital. More powers will be delegated to lower levels and the funding mechanism will be improved to push more capital into the real economy.
3. Chinese financial institutions' new yuan funds outstanding for foreign exchange witnessed a record dive of 723.84 billion yuan (113.63 billion U.S. dollars) to 28.18 trillion yuan last month, according to data released by the People's Bank of China.
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