China pledges to stabilize markets, offers no detail

China vowed to stabilize markets as shares fell to a five-year low in turbulent trading on Friday, but Chinese authorities provided no details on how they plan to stop a selloff that has wiped out more than $6 trillion in value and eroded confidence in the world's second-largest economy.

The China Securities Regulatory Commission (CSRC) stated on Sunday to prevent abnormal fluctuations while cracking down on unlawful activities such as malicious short selling and insider trading.

Market reaction

At the time of writing, the AUD/USD pair is trading around 0.6496, down 0.29% on the day.