CSRC will coordinate with the Shanghai, Shenzhen and Beijing exchanges to guide
brokerages in a consolidated review and optimization of margin financing and
securities lending risk controls — including the financing margin ratio,
haircuts on securities eligible as collateral, and maintenance margin
requirements — while preserving policy flexibility. The exchanges raised the
financing margin ratio from 80% to 100% in Jan 2026, which helped slow
procyclical leverage accumulation; recently outstanding margin balances and
trading activity have dropped and overall leverage has steadied. Provided
overall risks remain controllable and under statutory countercyclical
arrangements, CSRC plans to moderately release financing capacity to mobilize
idle funds, bolster liquidity and support investor confidence.
