Top regulator calls for more investor protection

    CHINA’S top securities regulator has called for more investor protection to ensure the healthy development of the country’s capital market, Xinhua reported Sunday.

    Liu Shiyu, chairman of the China Securities Regulatory Commission, made the call at a symposium held with securities and fund firms in Shenzhen on Saturday. The symposium was the first time Liu has spoken with the leaders of market players since his inauguration in February. The aim of the dialog was to solicit advice and suggestions. “Institutions should put more emphasis on the protection of investors’ legitimate rights and contribute to the healthy development of the capital market,” said Liu.

    State enterprises likely to suffer more defaults

    CHINA’S State-owned enterprises are likely to suffer more defaults over the next year as the government shows its readiness to shut companies in industries struggling with overcapacity, according to Standard & Poor’s.

    “In a major policy shift, the Central Government appears willing to close and liquidate struggling enterprises in the steel, mining, building materials and shipbuilding industries,” Standard & Poor’s analyst Christopher Lee wrote in a report yesterday. “We believe this stance will exacerbate the problems of companies in these cyclical and capital-intensive sectors, which are facing sluggish demand amid slowing investment growth.”

    China EximBank plans dual currency notes

    EXPORT-IMPORT Bank of China (China EximBank) is planning to tap the offshore market with multi-tranche, dual currency senior notes, marking its second direct issuance of offshore debt since its dollar senior notes issued in 2014.

    The notes consist of five-year and 10-year U.S. dollar notes, as well as three-year euro notes. The expected notes ratings are Aa3 and AA- from Moody’s and S&P, respectively.

    Shares lower as oil price drop rattles confidence

    CHINA’S stocks tracked regional markets lower yesterday as a tumble in crude oil prices hit investor confidence.

    Concerns that the market’s seven-week rebound may not be sustainable, as China’s economic recovery remains fragile, also dampened sentiment. The blue-chip CSI300 index fell 1.3 percent to 3,228.45, while the Shanghai Composite Index lost 1.4 percent to 3,033.66 points.