Tightening weaknesses: Weaknesses in Chinese regulation were exposed last summer (June to August) when China’s stock markets lost a third of their value in a month, having soared 150 in the previous 12 months. – EPA
HONG KONG: China has asked Britain for advice on plans to create a financial super-regulator as it looks to improve financial oversight following last year’s stock market crash, sources with knowledge of the talks told Reuters.
The discussions between representatives from China and the UK Foreign Office and Treasury highlight Britain’s burgeoning relationship with Beijing on financial issues, notwithstanding this week’s gaffe by Queen Elizabeth, who was caught on camera grumbling that Chinese officials accompanying President Xi Jinping on a visit to the UK last year had been “very rude to the ambassador”.
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