(Bloomberg) China Securities Regulatory Commission arranged a hasty virtual meeting with banking executives to ease fears of market crackdown from Beijing.
Fears gripped Chinese business sector, sending major stock indexes down amid Beijing’s reign on the private education sector.
Banking sector was viewed as prime targets due to heavy weightings on benchmark indexes
Some bank executives left the virtual meeting convinced that the educational policies were not intended to hurt other industries, helping futures rally back.
The virtual meeting has been a sign of Beijing’s discomfort following the plunge in major stock indexes.
Beijing has been reigning on domestic markets, with education being the latest target after a series of crackdowns of the tech sector. The regulator’s efforts have achieved mixed success.
CSI 300 is up +0.19%, Hang Seng Index is up +1.54%.
