1. There is not and will not be a massive foreign capital outflow from China, the foreign exchange regulator said Thursday to reassure a panicked market before the Federal Reserve decides whether to hike U.S. interest rates. "Depreciation pressure on the Chinese yuan has largely been removed and its value has almost stabilized," said Wang Yungui, a department director with the State Administration of Foreign Exchange (SAFE).
2. China's securities regulator on Thursday urged brokerages to be flexible in clearing up accounts involved in illegal trading in response to worries that the clampdown may weigh on the market. Instead of unilaterally terminating the contracts, brokerage companies should discuss with their clients and adopt other softer practices, including transferring the assets involved to legal accounts or granting them legal access to the market, according to a statement of the China Securities Regulatory Commission (CSRC). The move is the latest attempt by the regulator to reassure investors, after it promised the crackdown will not impact the market on Monday.
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