the world. 1981 – Trading in treasury bonds was resumed. 1984 – Company stocks and corporate bonds emerged in Shanghai and a few other cities. 1990 – The present Shanghai Stock Exchange re-opened on November 26 and began operation on December 19. 1992 – Deng Xiaoping's Southern Tour saved China's capital market and the two stock exchanges (the other is Shenzhen Stock Exchange) 1997 – The State Council of China decided that the Shanghai Stock Exchange would be directly managed by the China Securities Regulatory Commission. 2001–2005 – A four-year market slump which saw Shanghai’s market value halved, after reaching a peak in 2001. A ban on new IPOs was put in April 2005 to curb the slump and allow more than US$200 billion of mostly state-owned equity to be converted to tradable shares. 2006 – The SSE resumed full operation as the yearlong ban on IPOs was lifted in May. The world’s second largest (US$21.9 billion) IPO by the Industrial and Commercial Bank of China (ICBC) was launched in both Shanghai and Hong Kong stock markets. 2007–2008 – A "stock market frenzy" as speculative traders rush into the market, making China’s stock exchange temporarily the world's second largest in terms of turnover. After reaching an all-time high of 6,124.044 points on October 16, 2007, the benchmark Shanghai Composite Index ended 2008 down a record 65% mainly due to the impact of the global economic crisis which started in mid-2008. 2010 – Agricultural Bank of China completed the world’s largest IPO to date worth US$22.1 billion. 2015 – height variations on stocks’ values, with solid raise in early 2015 followed by −30% fall in June–July. 2019 – Launched the STAR Market. Structure The securities listed at the SSE include the three main categories of stocks, bonds, and funds. Bonds traded on SSE include treasury bonds (T-bond), corporate bonds, and convertible corporate bonds. SSE T-bond market is the most active of its kind in China. There are two types of stocks being issued in the Shanghai Stock Exchange: "A" shares and "B" shares. A shares are priced in the local renminbi yuan currency, while B shares are quoted in U.S. dollars. Initially, trading in A shares are restricted to domestic investors only while B shares are available to both domestic (since 2001) and foreign investors. However, after reforms were implemented in December 2002, foreign investors are now allowed (with limitations) to