A probe into market volatility by regulators unhappy with falling prices has spread with the detainment of Li Yifei, the hedge fund manager of Man Group’s China business; Caijing reporter Wang Xiaolu also read a confession on State television Monday, saying he had spread false information in his reporting of the stock market that had caused “panic and disorder”–though it was not possible to verify whether he had made the confession under coercion, Reuters reported. Li, a former MTV Networks executive, was appointed Country Chair, China in 2011, according to a page on Man Group’s website cached by Google on August 6 that is not currently accessible.
China Economic Review