China markets team leader, senior correspondent, Shanghai, China
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Jul 29, 2015

China stocks edge down as intervention brings some stability

SHANGHAI (Reuters) – Chinese shares fell for a fourth consecutive day on Wednesday, but the declines were modest as Beijing’s efforts to prop up values appeared to have brought a measure of stability to its unruly stock market.

After a dramatic plunge of more than 8 percent in Chinese stocks on Monday, China’s securities regulator pledged to buy shares to calm the market and the central bank hinted at more policy easing to boost liquidity.

Jul 29, 2015

Beijing keeps exchange rate frozen even while pledging more yuan volatility

SHANGHAI (Reuters) – Beijing may be struggling to put a floor under its tumbling stock market but it has managed to lock the yuan into an incredibly tight band against the dollar, despite pledging again to allow more exchange rate volatility.

The yuan has been stuck mainly in a 200-pip range since March, or just 0.3 percent from current rates, well inside its allowed trading range of 2 percent above or below the official daily fix.

Jul 28, 2015

Trapped in the market, China retail investors plot escape with government money

SHANGHAI (Reuters) – Mrs Zhu is just the type of investor the Chinese government should worry about as it tries to engineer a turnaround in the country’s stock markets, whose massive swings have heightened fears for the country’s financial health.

One of millions of retail investors trapped by the market crash in June who prefer to hold losing positions rather than take a loss, Zhu is just waiting for indexes to rise so she can sell.

Jul 28, 2015

China shares sink again as Beijing scrambles to calm markets

SHANGHAI (Reuters) – Chinese shares sank more than 3 percent on Tuesday, as Beijing scrambled once again to stabilize a stock market whose wild gyrations have heightened fears about the financial stability of the world’s second biggest economy.

After a plunge of more than 8 percent in major indexes on Monday, Chinese regulators said they were prepared to buy shares to stabilize the stock market, while the central bank injected cash into money markets and hinted at further monetary easing.

Jul 28, 2015

Chinese regulator vows share support after markets tumble 8.5 pct in a day

SHANGHAI, July 27 (Reuters) – China said on Monday it was
prepared to buy shares to stabilise the stock market and avert
“systemic risks”, after major indices plunged more than 8
percent in the biggest one-day fall since 2007.

The securities regulator also said market authorities would
deal severely with anyone engaged in the “malicious shorting of
stocks”, in Beijing’s latest attempt to stave off a full-blown
market crash.

Jul 27, 2015

China stocks tumble, suffer biggest one-day loss in eight years

SHANGHAI (Reuters) – Chinese shares tumbled more than 8 percent on Monday amid renewed fears about the outlook for the world’s No. 2 economy, reviving the specter of a full-blown market crash that prompted unprecedented government intervention earlier this month.

Major indexes suffered their largest one-day drop since 2007, shattering a period of relative calm in China’s volatile stock markets since Beijing unleashed a barrage of support measures to arrest a slump that began in mid-June.

Jul 24, 2015

China factory survey dents hopes of early economic recovery

BEIJING (Reuters) – China’s factory sector contracted by the most in 15 months in July as shrinking orders depressed output, a preliminary private survey showed on Friday, a worse-than-expected result that comes on the heels of a stock market crash which began in June.

The flash Caixin/Markit China Manufacturing Purchasing Managers’ Index (PMI) dropped to 48.2, the lowest reading since April last year and a fifth straight month below 50, the level which separates contraction from expansion.

Jul 23, 2015

Beijing’s stock rescue has $800 billion bark, small market bite

SHANGHAI, July 23 (Reuters) – China has enlisted $800
billion worth of public and private money to prop up its wobbly
stock markets, a Reuters analysis shows, but the impact of the
unprecedented government-orchestrated rescue has so far been
modest.

Public statements, media reports and market data reveal that
Beijing unleashed 5 trillion yuan ($805.2 billion) in funds -
equivalent to more than half of China’s GDP in 2014 and greater
than the 4 trillion yuan it committed in response to the global
financial crisis – to calm a savage share sell-off.

Jul 23, 2015

China state margin lender says didn’t violate share sale rules – media

SHANGHAI, July 23 (Reuters) – The China Securities Finance
Corp (CSFC) denied on Thursday it had sold shares in violation
of regulations during the recent market rout, but admitted it
had reduced its holdings in some companies by transferring
stakes.

The state-owned margin lender, Beijing’s leading institution
trying to prop up the wobbly stock market, told state media it
had not sold off shares in any listed firm but had transferred
shares it bought during the rescue period to unnamed mutual
funds in order to bring itself below a regulatory threshold.

Jul 22, 2015

China state margin lender cuts stake in dairy firm: exchange statement

SHANGHAI (Reuters) – China Securities Finance Corp (CSFC) reduced its stake in a major domestic dairy producer to below 5 percent in July, according to a statement posted on the website of the Shanghai Stock Exchange late Wednesday.

CSFC, a state-owned margin lender leading Beijing’s efforts to stabilize its wobbly stock markets, held two tranches of shares in Inner Mongolia Yili Industrial Group (600887.SS: Quote, Profile, Research, Stock Buzz), representing 3.39 percent and 2.66 percent of the company’s total shares on July 9, the statement showed. That brings the total stake to 6.05 percent.

    • About Pete

      "Pete Sweeney is Senior Markets Correspondent at Reuters, focused on bond, forex, interbank and equities markets. Previously editor of China Economic Review, a Hong Kong-based monthly magazine focused on providing news and analysis on the mainland economy. Sweeney came to China as a Fulbright scholar in 2008, and conducted research on Chinese business policy in Hangzhou, Harbin and Chengdu. He has also lived and worked in Belgium, Ecuador and the U.S. He speaks Chinese, at the expense of his Spanish."
      Joined Reuters:
      March 2012
      Languages:
      Mandarin, Spanish
      Awards:
      Fulbright Scholar
      Foreign Languages and Area Studies Scholar
      Boeing Merit Award
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