President Xi Jinping will receive a report from regulators on China's financial markets, in a move seen as evidence of Beijing's urgency to stem the stock market collapse.
Bloomberg reports this, citing sources close to the dossier, according to which the China Securities Regulatory Commission (Csrc, the Chinese Consob) will perhaps provide the country's top leadership with an update on market conditions and the latest initiatives adopted this evening.
About $7 trillion in value has been wiped off stock markets in China and Hong Kong since the peaks reached in 2021. Authorities have issued a flurry of announcements to support markets, but any effort made has been short-lived.
Xi, on the other hand, has shown signs of growing involvement in the issue of the nation's financial and economic policies, including an unprecedented visit to the Central Bank (PBOC) made in late 2023.
Chinese stock markets rebound
Chinese stock markets rebound as Beijing intensifies efforts to stabilize its financial markets.
Hong Kong advanced by 4%, Shanghai by 3.2% and Shenzhen by 5.1% after the state fund Central Huijin Investment announced that it will expand its investments in ETFs and the CSRC, the Chinese Consob, reiterated its commitment to channel institutional investors and funds towards the stock market.
The other Asian stock markets were weak, however, as they were affected by the lack of expectations for a rapid rate cut by the Fed. Tokyo lost 0.5%, Seoul and Sydney lost 0.6%.
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