China Cracks Down on Futures Industry: The...
From Times Staff and Wire Reports
China Cracks Down on Futures Industry: The government announced a sweeping crackdown on the nascent industry that will stop trading on most of the country’s 40-odd exchanges and prevent brokerages from placing orders overseas. The move follows a warning by the official People’s Daily newspaper Sunday that speculation on international futures markets had led to huge foreign exchange losses. Most futures exchanges will be turned into wholesale markets that will be banned from dealing in futures.
