Investor sues China's securities regulator

A court in Beijing accepted a lawsuit on Monday by a retail investor who said China’s top securities watchdog refused to disclose details on how it spent $11 billion to prop up the stock market, Caixin reports.  Xu Caiyuan filed the caseagainst the China Securities Regulatory Commission (CSRC) on Sept. 9 after the regulator failed to answer his query about how billions of yuan – pumped into a government-backed finance company to buy shares during the stock market route last summer – was spent. In July 2015, China Securities Finance Corp. (CSF), which served as a conduit for the central bank to inject money into the country’s ailing stock market, received 76 billion yuan ($11.4 billion) in fresh funding, expanding its capital base to 100 billion yuan.