China regulator to step up curbs on insurers' stock speculation

Shanghai

CHINA'S top insurance official followed the nation's securities authority in denouncing insurers' leveraged buying spree in listed firms, pledging to step up scrutiny of stock-trading activities by the most aggressive acquirers.

The China Insurance Regulatory Commission (CIRC) chairman Xiang Junbo questioned the recent aggressive investments by insurers, ranging from buying sizeable stakes in listed companies to speculating in stocks with dramatic swings, according to a statement on the regulator's website that was based on an internal speech by Mr Xiang.