中国券商誓要维稳股市
时间：2015-07-06 00:23:07
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A group of 21 Chinese stock brokerages have announced plans to step in to -quote- "firmly stabilize1" the country's stock market.
They're
vowing2 to spend at least 120 billion yuan, or close to 20-billion U.S. dollars, on "blue chip" stocks in the A-share market this coming week.
The brokerages have promised not to sell-off their purchases until the Shanghai Stock Exchange gets back to 45-hundred points.
Guo Shuhua, securities
analyst3 with First Capital, says the move is much-needed in China at the moment.
中国券商誓要维稳股市
"The new move at this time is designed to stabilize the current
fluctuations4 in the stock market and reverse a vicious cycle. But we know this won't happen within one or two trading. But with more policies coming out, the downward pressure should finally ease, allowing the stock market to rise once again."
Shanghai closed out the trading week on Friday down nearly 5.8-percent to end at 3686.
This is well below the psychologically important 4-thousand mark where the market was around 3-months ago.
Shanghai
spiked5 to a 7-year high 3-weeks ago at around 52-hundred before beginning a massive downturn, which has seen it lose around 30-percent of its value in less than a month.
The move by China's main brokerages is the latest move in an attempt to break the market's three-week losing
skid6.
The People's Bank of China has already lowered both the interest rate and reserve requirement ratio for banks to inject
liquidity7 into the market.
Both the Shanghai and Shenzhen exchanges have cut their transaction fees by around 30-percent.
The number of IPO's is also going to be cut back.
At the same time, the China Securities Regulatory Commission says its investigating possible market manipulation.
The CRSC is demanding more accurate media reporting connected to the downturn of the A-share market.
The call follows a series of online reports which have suggested a number of traders have killed themselves and their families.
The CRSC's Zhang Xiaojun says police have
determined12 these reports are false.
"I want to remind the mass media and news staffers to adhere to the accuracy of news and
abide13 by your professional
ethics14. Stop publishing and spreading groundless
rumors15 and information. We would prefer you work to tell people about the right information when it comes to the markets, so that the markets themselves will continue in a healthy path."
Meanwhile, the China Securities Finance Corporation, the exclusive government-run lender for margin trading in China, is being
bolstered16 with more capital, going from 24-billion yuan to 100-billion.
People's Bank of China governor Zhou Xiaochuan has also issued a statement in an attempt to
reassure17 the markets, saying the PBOC plans to "hold fast" so as not to allow any systemic risks to China's overall economy.
The China Securities Regulatory Commission is demanding more accurate media reporting connected to the downturn of the A-share market.
The call follows a series of online reports which have suggested a number of traders have killed themselves and their families.
The CRSC's Zhang Xiaojun says police have determined these reports are false.
"I want to remind the mass media and news staffers to adhere to the accuracy of news and abide by your professional ethics. Stop publishing and spreading groundless rumors and information. We would prefer you work to tell people about the right information when it comes to the markets, so that the markets themselves will continue in a healthy path."
Meanwhile, the China Securities Finance Corporation, the exclusive government-run lender for margin trading in China, is being bolstered with more capital, going from 24-billion yuan to 100-billion.
People's Bank of China governor Zhou Xiaochuan has also issued a statement in an attempt to reassure the markets, saying the PBOC plans to "hold fast" so as not to allow any systemic risks to China's overall economy.
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