Hong Kong bourse boss not fan of China's market intervention

HONG KONG (AP) — The head of Hong Kong's stock exchange said Thursday that he wasn't a fan of recent moves by Beijing to prop up sagging share prices but it won't stop the exchange from expanding ties with mainland Chinese counterparts.

The measures included curbs on stock sales by major shareholders and a botched "circuit breaker" mechanism on the Shanghai market intended to prevent big share price swings but which traders said added to turmoil.

The comments highlight how the Chinese government's clumsy meddling in markets has eroded confidence in its ability to steer the country through economic and financial reforms.

Li was speaking at a media event to outline the bourse's strategy over the next three years, which is focused on expanding direct trading links with mainland Chinese equity, commodity and bond markets.