February 3, 2020 / 4:17 AM / 22 days ago

China regulator urges fund managers not to sell shares unless they face redemptions - sources

SHANGHAI, Feb 3 (Reuters) - China's securities regulator has urged mutual fund managers not to sell shares unless they face investor redemptions, four sources told Reuters, as the country's stock markets plunged on Monday amid a growing virus outbreak.

The China Securities Regulatory Commission (CSRC) is giving verbal instructions to mutual fund companies, asking them not to offload their stock holdings unless necessary, according to the fund sources with direct knowledge of the so-called window guidance.

CSRC gave the instruction on Sunday evening, according to one source.

Chinese stocks tumbled more than 8% in morning trading on Monday as mainland markets reopened following a week-long holiday, giving investors the first chance to react to the rapidly-spreading coronavirus. (Reporting by Zhang Yan, Samuel Shen and Ryan Woo; Editing by Kim Coghill)

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