China intensifies financial crackdown, targets funds, banks

Beijing

CHINA'S crackdown on its financial industry is intensifying as authorities investigate strategies blamed for exacerbating a US$5 trillion stock-market rout.

Shanghai police raided hedge fund Zexi Investment on Sunday, taking away computers and other materials, according to a person familiar with the matter. General manager Xu Xiang was detained, the official Xinhua news agency reported. Executives at Yishidun International Trading and Huaxin Futures were arrested, Xinhua said in a separate report.