China Closes Financial Asset Exchanges in Face of Financial Insolvency: Experts

Investors look at stock price movements on a screen showing stock prices at a securities company in Beijing, China on Oct. 11, 2018. Nicolas Asfouri/AFP via Getty Images

News Analysis

China will close dozens of financial asset exchanges across the nation in an effort to combat financial risks and illegal fundraising activities imposed by the “pseudo-financial exchanges,” reported Chinese Communist Party (CCP) mouthpiece CCTV. Experts say the real reason for the shutdown is due to insolvency after years of bad practices.