China suspends “circuit-breaker” stock market rule
In a statement, the China Securities Regulatory Commission (CSRC) reportedly said that they decided to suspend the circuit-breaker mechanism in order to maintain market stability as the negative effect of the new mechanism exceeded the positive ones.
Analysts commented that the existing mechanism, which imposes a 15-minute trading break after a 5% drop and an end to daily trading after a 7% drop, was ineffective at stemming losses as sell orders would mount following a 15-minute break and quickly push the market down to the full day stop level of 7%.
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