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Wednesday, 4 May 2016

CIC executive says China regulator mismanaged market crash - Bloomberg

China's securities regulators mismanaged the country's stock market crash and are learning how to better manage the market, the head of public equities at China's sovereign wealth fund said on Tuesday, Bloomberg reported.
"It was a disaster how they managed public equity, it created turbulence," Bloomberg quoted Larry Zhang of China Investment Corp. (CIC) saying at the Milken Institute Global Conference in California.
China's benchmark stock indexes fell over 40 percent from June to January, with regulators widely blamed for mishandling the crisis.
The head of the China Securities Regulatory Commission (CSRC) was removed in February after an attempt to institute a stock market circuit breaker at the beginning of the year was scrapped after three days.
Calls to CIC's Beijing headquarters went unanswered after office hours. CSRC did not respond to a faxed request for comment.
(Reporting by Elias Glenn; Editing by Richard Borsuk)

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