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China steps up bid to calm markets ahead of key leadership meeting

Brokerage houses ordered to avoid massive share sales to cap volatility

The People's Bank of China this week warned traders over betting against the sliding yuan.   © Reuters

HONG KONG -- China's financial regulators are moving to stabilize equity markets and reverse a slide in the yuan in the run-up to a key national leadership meeting this month. But a gloomy growth outlook at home and a slumping global economy could foil their bid for calm.

This week, market watchdogs verbally told major securities groups to avoid massive share sales or other moves that could shake up markets before the Chinese Communist Party's national congress begins on Oct. 16, two sources told Nikkei Asia. Both declined to be named citing the sensitivity of the matter.

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