China Market Update: China's New Regulatory Head Says “I'm Your Huckleberry” [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
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Source: Forbes
Yes, both markets came off their intra-day highs, though Mainland China logged its sixth straight positive day. New China Securities Regulatory Commission (CSRC) Chairman Wu Qing's ten symposiums with investors are receiving positive feedback as he looks to raise investor confidence in the market. Having reiterated the Mainland's short-selling ban, which was implicitly banned previously, a Mainland quantitative-driven hedge fund was penalized for selling a large number of stocks on Monday morning that pushed indices lower, in a warning to other investors. Wu Qing clearly wants the market higher, not lower! Bloomberg is reporting the CSRC told asset managers and proprietary trading desks not to sell stocks at the open or close of the trading day. Hiding in plain sight was the National Team buying Mainland ETFs overnight as their volumes spiked along with a massive $1.89 billion of net buying via Northbound Stock Connect. This validates, once again, the rumor that overseas SOE profit
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