HONG KONG (AP) — The head of Hong Kong’s stock exchange says recent moves by Beijing to prop up sagging share prices were futile but it won’t stop the exchange from expanding ties with mainland Chinese counterparts.
Charles Li told reporters Thursday he wasn’t a fan of the measures, which failed to stem a painful decline on the Shanghai and Shenzhen stock markets.
They included a botched “circuit breaker” mechanism on the Shanghai market intended to prevent big share price swings but which traders said added to turmoil.
Li said Beijing would probably intervene again in the markets but hoped officials would do a better job.
The Chinese government’s clumsy meddling in markets has eroded confidence in its ability to steer the country through economic and financial reforms.