China stock exchanges step up crackdown on short-selling
To shore up markets, the government has armed a state-run financing agency with more than $480 billion to bolster the market, allowed hundreds of companies to suspend share trading and banned major shareholders from selling stocks.
Spoofing has become the latest target in China’s campaign against stock-market manipulation, following a probe of “malicious” short selling. Spoofing, which involves placing then canceling orders to move prices, is suspected in 24 accounts on the Shanghai and Shenzhen stock exchanges, the China Securities Regulatory Commission said on its microblog.
HONG KONG/SHANGHAI (Reuters) - China is asking foreign and Chinese-owned brokerages in Hong Kong and Singapore to hand over stock trading records, sources with direct knowledge of the requests told Reuters, extending its pursuit of investors shorting Chinese stocks to overseas jurisdictions.
Three sources at Chinese brokerages and two at foreign financial institutions said the China Securities Regulatory Commission (CSRC) had sought to identify traders and investors who had taken net short positions, or bets that prices would fall, against Chinese-listed shares.
but is up$1.57. bwahahhahhah!!!!!
according to a McKinsey estimate. That’s the fastest buildup of any emerging market and almost double the
increase in the U.S. and U.K. in the run-up to the 2008 financial crisis. It could be an even bigger problem than the numbers indicate. The frantic pace of new lending means it’s hard to figure out how many loans aren’t being repaid. Regulatory loopholes and widespread shadow banking practices complicate the picture. And under a murky system of implicit guarantees, it’s not clear how much of the debt is backed by the government, or who would be allowed to go bust. Local and regional governments have borrowed an estimated $4 trillion of the total -– the size of the German economy -– and some used shorter-term, off-balance-sheet borrowing to fund dubious infrastructure and real estate projects. Chinese authorities have allowed few defaults, though in April power equipment maker Baoding Tianwei became China’s first government-owned enterprise to halt payments on domestic borrowings and homebuilder Kaisa Group became the first property developer to fail to pay overseas bonds. To ease the crunch, banks are exchanging $322 billion of high-interest debt owed by local governments for low-cost bonds with longer payback periods
The rout in Chinese shares has erased at least $3.2 trillion in value, or twice the size of India’s entire stock market.
Good luck longs.
Short times. Where is Susan the moron?