China kicks off clampdown on local financial asset exchanges

Hunan, Liaoning, Xi'an and Chongqing shutting bourses to combat financial risk

Since the establishment of China’s first local financial asset exchanges in Tianjin and Beijing in 2010, the number of such institutions expanded rapidly, peaking at 80.

ZHANG YUZHE and HAN WEI, Caixin

March 27, 2024 14:05 JST

Financial authorities in Hunan, Liaoning, Xi'an and Chongqing have announced the closure of local financial asset exchanges, in a bid to combat financial risks and illegal fundraising activities.

Regulators said they will not allow any financial asset exchanges in their jurisdictions and they warned against the risks of "pseudo-financial exchanges."