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Market Chatter: CSRC Says Offshore Accounts Safe, No Forced Liquidation

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China's securities regulator said its crackdown on illegal cross-border securities trading will not lead to forced closure of mainlanders' offshore accounts or mandatory asset liquidation, Reuters reported Monday.

In response to investor fears over $54 billion in assets, the China Securities Regulatory ​Commission said asset safety will not be affected by the rectification campaign. Existing accounts will remain open and holdings will not be forcibly cleaned up, according to the report.

Mainland investors can still sell assets and withdraw funds from affected accounts, Reuters cited the CSRC as saying. However, overseas brokers must terminate illicit onshore services, including websites and trading software, within two years.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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