CSRC: Will Work With Stock Exchanges to Guide Brokerages in Comprehensively Studying Risk Control Indicators Such as Margin Financing Ratios, Collateral Haircut Rates, and Maintenance Margin Ratios

36Kr learned that a responsible official from the China Securities Regulatory Commission (CSRC) answered reporters' questions on recent efforts to stabilize the market and expectations. Margin trading and short selling are among the capital market's important foundational mechanisms, playing a positive role in curbing irrational volatility, promoting price discovery, attracting medium- and long-term funds into the market, and meeting investors' financing needs. In January 2026, based on market conditions at the time, the Shanghai, Shenzhen, and Beijing stock exchanges raised the margin financing ratio from 80% to 100%, which played a positive role in easing the pro-cyclical buildup of leverage risk, promoting rational trading, and preventing risks in advance. Recently, margin financing balances and trading activity have declined significantly, and overall leverage levels have become more stable. To stabilize the capital market, boost investor confidence, and enable margin trading to fulfill its function, the CSRC will work with stock exchanges to guide brokerages in comprehensively studying risk control indicators such as margin financing ratios, collateral haircut rates, and maintenance margin ratios, further optimizing them and keeping them flexible. On the basis of overall controllable risks, and in accordance with statutory countercyclical adjustment arrangements, the authorities will moderately release financing capacity, activate existing funds, and enhance market liquidity. Investors should continue to uphold rational investment principles and use financing tools prudently based on their own risk tolerance. The CSRC will continue to urge securities firms to strengthen risk management in earnest and protect the lawful rights and interests of investors.