Regional Exchanges Challenge Vision of Market Unity

(Beijing) — China's long-standing crackdown on unregulated local exchanges, which has yet to make any major progress, has encountered a new hurdle — unruly local authorities.

Local governments in Beijing, Shenzhen and Wuhan have recently set up their own platforms for trading bills of exchange, a move that challenges the central bank's intention of unifying the market through the launch of a national trading center.