January 27, 2018 / 11:51 AM / in 5 months

China's securities watchdog fines blogger over $31,000 for inaccurate information

BEIJING (Reuters) - China’s top securities watchdog said it had fined a blogger 200,000 yuan ($31,650) for producing and spreading information that was inaccurate and market-disturbing, the harshest penalty for such behavior.

In a post on the popular social media platform WeChat in November, an internet media worker identified only by the surname Cao said financial institutions and property developers had held a private meeting at the premises of the China Securities Regulatory Commission (CSRC), the securities watchdog.

The post caused disruptions on the stock market, the CSRC said in a statement on its website on Friday.

The meeting was a routine gathering, and CSRC was not involved at all, the securities watchdog said.

The authenticity and accuracy of information dissemination is vital to the smooth running of the capital market and emerging media platforms such as Weibo and WeChat must also obey rules and laws, or they will be punished, according to CSRC.

($1 = 6.3199 Chinese yuan renminbi)

Reporting by Ryan Woo; Editing by Mark Potter

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