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MNI (London) - The theme of regulatory tightening for financial markets seen after the change in leadership at the CSRC earlier in ’24 remains intact..

  • State-run media points to increased regulatory focus on the issuance of fraudulent securities and the strengthening of auditing procedures, as the CSRC looks to maintain the "stable operation" of capital markets.
  • These headlines shouldn't be a meaningful market mover.
  • Similar moves factored into the equity stabilisation/rally earlier in '24, but subsequent steps have had far less impact, with Chinese economic headwinds unwinding around half of the rally from YtD lows in the CSI 300.
  • What's next? Eyes on the third plenum (July 15-18), which will focus on economic matters. Expectations surrounding the deployment of a forceful stimulus package at that event have moderated in recent weeks, given the recent track record of drip-feeding policy support measures.
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MNI (London) - The theme of regulatory tightening for financial markets seen after the change in leadership at the CSRC earlier in ’24 remains intact..

  • State-run media points to increased regulatory focus on the issuance of fraudulent securities and the strengthening of auditing procedures, as the CSRC looks to maintain the "stable operation" of capital markets.
  • These headlines shouldn't be a meaningful market mover.
  • Similar moves factored into the equity stabilisation/rally earlier in '24, but subsequent steps have had far less impact, with Chinese economic headwinds unwinding around half of the rally from YtD lows in the CSI 300.
  • What's next? Eyes on the third plenum (July 15-18), which will focus on economic matters. Expectations surrounding the deployment of a forceful stimulus package at that event have moderated in recent weeks, given the recent track record of drip-feeding policy support measures.