The China Securities Regulatory Commission held a meeting with executives of top global banks with the aim of easing fears after a three-day plunge in the nation’s equity markets.
A call was arranged yesterday between executives of top global banks and CSRC vice chairman Fang Xinghai, according to a «Bloomberg» report citing unnamed sources.
The purpose of the call was to inspire calm and some bankers left the meeting with the message that the latest crackdown on education companies was targeted and not intended to cause damage in other industries, the report added.
Education Crackdown
After China clamped down on internet platforms – most notably by requiring prospective foreign listings by such firms to undergo a data security review for approval – the education sector has become the latest target.
Local authorities have banned off-campus holiday and weekend tutoring while also halting approval for new tuition centers.
A three-day plunge in Chinese equities followed erasing nearly $800 billion in market value.
