China has scrapped a five-month rule requiring brokerages to hold daily net long positions in their proprietary trading accounts, according to an official document seen by FinanceAsia, providing further proof that the country’s stock markets are stabilising.
As part of its efforts to stem the sharp summer selloff in shares, the China Securities Regulatory Commission imposed a curb on domestic brokerages, requiring them to buy more shares than they sold in their daily proprietary trading. Such restrictions were part of the so-called national team’s extraordinary measures to help prop up the sagging market, including a four-month freeze on initial public offerings.
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