Shanghai has closed five trading venues after they were found to have violated rules during inspections by the central government, the Shanghai Daily reported on Tuesday, citing a statement by the municipal government. The statement did not identify the facilities or say why they failed the inspections. Since late 2011, the central government has been inspecting trading facilities nationwide as part of efforts to fend off financial risks. It has ordered the closure of more than 200 trading venues and filed criminal charges against persons engaged in illegal trading, according to the newspaper. Insurance policies, loans and gold cannot be traded at trading venues without regulatory approval, the report said.
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