June 8 – China’s crackdown on “illegal” cross-border investment won’t lead to mainlanders’ offshore accounts being closed and assets liquidated forcibly, the securities regulator said, amid investor concerns over the fate of $54 billion worth of assets.
Some savers from mainland China are travelling to Hong Kong and scrambling to explore options to retain their investments in the financial hub, after Beijing’s unexpected crackdown last month on “illegal” cross-border securities trading.
The clamp-down and the sanctioning of overseas brokers for “illegally” helping Chinese investors buy shares in foreign markets does not affect their business activities offshore, said the watchdog in response to Reuters queries.
The China Securities…