China Convenes Banks in Bid to Restore Calm After Stock Rout
- CSRC meeting follows sharp drop in China’s equity market
- Investors have been spooked by crackdown on education firms
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China’s securities regulator convened executives of major investment banks on Wednesday night, attempting to ease market fears about Beijing’s crackdown on the private education industry.
The hastily arranged call, which included attendees from several major international banks including Goldman Sachs Group Inc and UBS Group AG, was led by China Securities Regulatory Commission Vice Chairman Fang Xinghai, people familiar with the matter said, asking not to be named discussing private information. Some bankers left with the message that the education policies were targeted and not intended to hurt companies in other industries, the people said.