At least 15 states are currently investigating mutual fund firms, a top securities regulator in another state says.

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The probe last month was led by China's central bank and top securities regulator and focused on a kind of transaction that could magnify trading risks for Chinese banks and brokerage firms.

WSJ: China Tightens Rules on Bond Issuance

The bond-market investigation, led by China's central bank and top securities regulator, focuses on a kind of transaction that could magnify trading risks for Chinese banks and brokerage firms, the people said.

WSJ: China Probe Focuses on Trading of Bonds