Mon, Feb 03, 2020 - 5:50 AMCHINESE regulators unveiled a slew of measures to ensure stability of its US$45 trillion financial system as the nation stepped up the fight against the spreading virus.
The People's Bank of China announced on Sunday that it would supply 1.2 trillion yuan to money markets on Monday. The securities regulator said it would halt night sessions for futures trading from Monday until further notice, and allow some share pledge contracts to be extended by as long as six months as part of measures to improve market expectations and prevent irrational behaviour.
That follows the announcement by the banking regulator a day earlier that it will"suitably extend the grace period" for firms that have difficulty meeting the end-2020 deadline to comply with new asset management rules. For insurers with ample solvency, the regulator will allow them to"appropriately raise their investment" in equities from the current limit of 30 per cent of assets.
As concerns mount over the economic impact from the new coronavirus that has infected more than 14,000 people and killed over 300 so far, Chinese policymakers including the central bank have ramped up efforts to shore up the financial system and capital markets which are bracing for a sell-off on Monday when markets re-open.
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