This story from late Friday is impacting re the falls in Chinese stocks this morning:
- China’s securities regulator said on Friday it had barred three major brokerages from opening new margin trading accounts for clients for three months
- CITIC Securities, Haitong Securities and Guotai Junan Securities
- “The three were found be rolling over (margin trading) contracts for a large number of clients in violation of rules and had been warned,” said Deng Ge, a spokesman for the China Securities Regulatory Commission, told a news conference in Beijing. “However, they did not correct the mistakes.”
