CHINA

Third City Opens a Securities Exchange: The northeastern city of Shenyang, taking advantage of economic reforms, has opened a securities exchange that could become the country’s third stock market. The Shenyang Securities Exchange Center, co-sponsored by the provincial and city branches of the People’s Bank of China, opened last week, the New China News Agency said. Shenyang does not have crucial government permission to become a real stock exchange, so its exchange is very different from the booming stock markets in the south, economists and market analysts said. Shenyang’s first-day volume was a hefty $73 million, but it was almost all in corporate, treasury and bank bonds, said Song Liping of the Stock Exchange Executive Council in Beijing. The private organization designs and drafts new securities regulations for the government.