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Fraudster warns of pending Chinese stock exchange disaster
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Newspaper Article
Fraudster warns of pending Chinese stock exchange disaster
2015
Overview
As long as China's financial reforms lag, Beijing shouldn't be given new channels to affect world markets. If China's stock markets are included on global indices, it would allow China's economic troubles to spill over to other countries. It would also provide an opportunity for financial fraudsters in China to expand their operations. Chinese regulators are starting to grasp the problem. On May 12, one day after [Nick Leeson]'s warning, Securities and Futures Commission chairman Carlson Tong |Ka-shing pledged to clamp down on \"any unusual share movement\". But capital flows have accelerated so much - with millions of mainlanders having signed up for multiple trading accounts - that it's not clear if regulators will know where to start. (President Xi Jinping's crackdown on international media hasn't helped matters. Shielded from the scrutiny of journalists, corporate China has become more opaque in its financial dealings.)
Publisher
Independent Online (South Africa)
Subject
