Probe elicits slew of market slump confessions

Chinese state media yesterday announced a slew of confessions following probes into recent stock market gyrations, including from a detained reporter who admitted to spreading false information that caused “panic and disorder”.

An official from China’s securities regulator had confessed to insider trading while four senior executives from China’s largest brokerage, CITIC Securities, had also confessed to insider dealing, the official Xinhua news agency reported.

China is trying to boost its stock markets, which have plunged 40% since mid-June on fears over the slowing economy and an unexpected devaluation of the yuan currency in mid-August.