Caixin
Caixin Global – Latest China News & Headlines

Home >

By Han Wei / Feb 02, 2019 03:44 AM / Finance

Photo: VCG

Photo: VCG

The China Securities Regulatory Commission said it will step up a crackdown on fake news and rumors about policies that move financial markets, according to an agency statement published late Friday.

The move came after China’s stock market took a dive earlier this week, triggered by rumors involving newly appointed CSRC Chairman Yi Huiman.

News circulated online Tuesday that Yi was scheduled to hold his first press conference that day with policy announcements targeting short-selling and financial fraud involving listed companies.

The news, which later proved to be false, dragged down the Shanghai index by nearly 2% in a couple of hours.

The CSRC said Friday that falsifying market information violated the country’s Securities Law and would be subject to severe punishment.

Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.