Journalist 'confesses' to causing China market chaos: Report

August 31, 2015 09:51

A financial journalist has "confessed" to causing "panic and disorder" on China`s stock market and inflicting "huge losses on the country", Chinese state media reported.

Wang Xiaolu, a journalist with Caijing magazine, was detained by Chinese authorities following China's recent stock market crash.

Wang was held for fabricating and spreading fake information on securities and futures market, according to Xinhua, a state-run news agency.

According to the report, Wang "confessed" that his "false information" had "caused panics and disorder at [the] stock market, seriously undermined the market confidence, and inflicted huge losses on the country and investors".

Wang wrote a story in July saying the securities regulator was studying plans for government funds to exit the market.

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