Beijing props up currency and promises securities market reform amid fears of renewed property crisis
Beijing has so far shrugged off calls for a significant economic stimulus or a property sector bailout, although further cuts to borrowing costs for businesses and households are expected next week.
“The good news is that regulatory vigilance means a rerun of the 2008 US crisis is unlikely,” Zhang wrote. “The bad news is that debt strains from property developers and local-government financing vehicles are spreading across China’s economy.” China’s benchmark CSI 300 index of Shanghai- and Shenzhen-listed stocks is down more than 2 per cent this year, compared with a rise of almost 14 per cent for the S&P 500.
Shortly after the CSRC announcement on Friday, the Shanghai and Shenzhen stock exchanges confirmed they would cut equity transaction handling fees for brokers by roughly a third, while fees for bond trades also received a slight reduction.
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