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How Did China's Regulators Respond to Further Stock Market Tumbles?

How Did China's Regulators Respond to Further Stock Market Tumbles?

Renee Mu, Currency Analyst

- PBOC said it maintains its ability to maintain yuan’s relative stability.

- Chinese securities announces it will suspend its circuit-breaker system from January 8.

- China approved new IPOs despite the crash at the secondary market.

Chinese News Outlet #1

Source: People’s Bank of China, the Chinese central bank

News: The yuan’s reference rate released by the central bank will be more market-driven. The difference between the day’s yuan reference rate and its previous close is within 50 bps of the record set on August 11, 2015. The yuan exchange rate is nonetheless relatively stable to a basket of currencies.

Why Is Important: The People Bank of China’s statement means there is room for further yuan devaluation (USD/CNY gains) because the regulator will let the market play a bigger role. Just as significantly, the CNY remains stable relative to a basket of currencies despite falling versus the US Dollar.

Chinese News Outlet #2

Source: People’s Bank of China, the Chinese central bank

News: Yuan is a strong reserve currency in the global market with fundamental support from the economy. China has sufficient foreign reserves. The central bank has the ability to maintain yuan’s rate at a relatively stable level despite of market speculations. The yuan will move in both directions—up and down.

Why Is Important: it signals that despite the clear USD/CNY uptrend and yuan downtrend, the central bank will guide the rate to float in two ways and control its volatility.

Chinese News Outlet #3

Source: China Securities Regulatory Commission, Chinese securities regulator

News: The circuit-breaker system will be suspended from January 8, 2016.

Why Is Important: Chinese stock market has been halted in trading twice in three days after the circuit-breaker system was introduced. Suspending the widely criticized new system may help ease the tension at the stock market and stop the dramatic losses.

Chinese News Outlet #4

Source: China Securities Regulatory Commission, Chinese securities regulator

News: The regulator introduced 1% cap on major shareholders to sell their stocks every three months. A major shareholder is one who holds 5% or more of a company’s shares. Also, an intention to sell needs to be announced 15 trading days ahead of the transaction.

Why Important: It is another response that the regulator made to prevent further crash at the Chinese stock market.

Chinese News Outlet #5

Source: Xinhua News, Chinese government's official news agency

News: Three new IPOs at the main board were approved by CSRC on January 6. On January 8, the regulator will determine whether to approve two IPO applications at the second board.

Why Important: Despite the crash at the secondary market, the securities regulator did not suspend the new IPOs, which means that the regulator may see the current condition not as bad as in last July, when it did suspend new IPOs.

Written by Renee Mu, DailyFX Research Team

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.