Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Shanghai bourse vows market stability before Communist Party Congress

07/24/2022 | 08:57pm EDT
FILE PHOTO: A man wearing a protective mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a new coronavirus outbreak, at the Pudong financial district in Shanghai

SHANGHAI (Reuters) - The Shanghai Stock Exchange (SSE) vowed over the weekend to maintain market stability ahead of the politically significant 20th Party Congress later this year, saying it will "resolutely" prevent big and swift swings in capital markets.

The bourse will also help stabilize economic growth by actively supporting control of the coronavirus and the resumption of work, and will manage and shape market expectations toward the positive side, the SSE said in a statement posted on its website on Sunday.

"The SSE should fully understand the huge political significance of the 20th Party Congress, and effectively maintain stability of the capital market," according to the statement, published after the SSE held an internal meeting last week.

Chinese President Xi Jinping is widely expected to secure an unprecedented third term as leader of the Communist Party during the congress later this year, which is held once every five years.

The SSE also said it would make solid and detailed preparations to expand reforms of the initial public offering process, and will shoulder the political responsibility in preventing and resolving financial risks.

The Shanghai Composite Index has rebounded roughly 14% from its low point this year hit on April 27, but is still down about 10% so far this year.

(Reporting by Samuel Shen and Brenda Goh; Editing by Christian Schmollinger)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
SHANGHAI A INDEX -0.55% 3169.6 Real-time Quote.-16.90%
SHANGHAI STOCK EXCHANGE B SHARES INDEX -0.15% 283.6251 Real-time Quote.-0.78%
Latest news "Economy & Forex"
02:49pCredit Suisse executives reassure investors after CDS spike -FT
RE
02:18pTrump staffers not returning White House records, National Archives says
RE
02:13pBosnia's peace envoy imposes changes to election law
RE
02:01pUK's Kwarteng favours outsider to run finance ministry, newspapers say
RE
01:54pU.S. and Turkish officials discuss Ukraine and NATO in unannounced meeting
RE
01:39pUK sees improving 'mood music' on Northern Ireland protocol
RE
01:35pBritain to acquire two specialist ships to protect underwater infrastructure
RE
01:18pBolsonaro, Lula cast votes in Brazil's heated election
RE
12:49pItaly's Eni says it will not receive Russian gas requested for Monday
RE
12:48pOPEC+ to consider oil cut of over than 1 million bpd - sources
RE
Latest news "Economy & Forex"