China's Top Stock Regulator Gives Up On "Immature" Market, Hands In Resgination
Earlier this month, China tried to implement a circuit breaker designed to guard against the turmoil that’s been reverberating through the country’s equity markets since an unwind in a half dozen backdoor margin lending channels triggered an ugly meltdown last summer.
Although the CSRC launched a concerted effort to prop up the market by creating the so-called “national team” which bought nearly CNY2 trillion in shares from June through the end of the year, Beijing has been unable to restore a sense of normalcy.