China’s securities watchdog ‘hard on the digital trail of financial crocodiles’
New technology leaves manipulators no place to hide, CSRC chief says
The head of China’s securities watchdog refused to name names on Sunday as he vowed pursue “barbarians” and “crocodiles” preying on the nation’s financial markets at the expense of retail investors.
China Securities Regulatory Commission (CSRC) chief Liu Shiyu lashed out at industry players manipulating the market.
“I was shocked by the chaos that I saw in financial markets after I came into office,” Liu said.
“These so-called barbarians, demons, evil creatures or financial crocodiles have taken advantage of loopholes in the system and grabbed what they want by cheating or force under the cloak of legality at the expense of small investors.
“We will get even with those ‘financial crocodiles’ who have hurt small investors.”
When asked who were the “crocodiles” he was referring to, Liu said: “How can I continue my work if I tell you who they are?”