1. China's central bank last Friday cut interest rates and lowered the reserve requirement ratio (RRR) to promote growth and interest rate liberalization. The People's Bank of China cut its benchmark one-year lending and deposit rates by 25 basis points each to 4.35 percent and 1.5 percent, from October 24. The regulator also cut the RRR for all financial institutions by 50 basis points. This is the fifth RRR reduction and the sixth round of interest cuts in the last year.
2. China's securities regulator said Friday that it had dealt out punishments in 12 cases of securities market manipulation. The China Securities Regulatory Commission (CSRC) decided to impose total fines of more than 2 billion yuan (315 million U.S. dollars) on companies and individuals found responsible. The violations include manipulating trading on 50 ETF, stock price manipulation through margin lending. One overseas company was found to have manipulated prices, too. The behavior had damage market order and mislead investors, said CSRC spokesperson Deng Ge, adding that the commission will continue to investigate unfair market practice.
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