HONG KONG- China’s securities regulator on Wednesday night held a meeting with executives of top global investment banks with an aim to calm financial markets nerves, people familiar with the matter told Reuters.
The online meeting adds to official efforts to shore up investor confidence in Chinese markets, which has been dented by sweeping regulatory actions that involved firms in the $120 billion private tutoring sector and technology behemoths.
“This is more to calm the market to isolate the education industry and not to over interpret it,” said one of the people, who has knowledge of the meeting held by China Securities Regulatory Commission (CSRC) vice chairman Fang Xinghai.
China stocks rebounded sharply on Thursday morning with the blue-chip CSI300 index up 1.2 percent, while the Shanghai Composite Index gained 1.0 percent.
Executives from investment banks Credit Suisse, Goldman Sachs, JPMorgan and UBS, among others, attended the meeting, said the people, who declined to be named as they were not authorized to speak to the media.
The regulator only invited those foreign brokerages with existing licenses to operate in the country, said a separate person with knowledge of the meeting.
CSRC and Credit Suisse did not immediately respond to Reuters’ request for comment.
Representatives at Goldman, JPMorgan, and UBS declined to comment. Bloomberg first reported the development on Wednesday. – Reuters
