China’s benchmark stock index swung between gains and losses as traders weigh the start of the subscription period for initial public offerings and an International Monetary Fund meeting to decide whether to grant reserve-currency status to the yuan.

The Shanghai Composite added 0.2 percent to 3,443.59 at 9:45 a.m. local time, erasing a loss of as much as 0.4 percent. The gauge posted its biggest loss in three months on Friday after some of the nation’s largest brokerages disclosed regulatory probes, industrial profits fell and concern grew new IPOs will lure funds away from existing shares. Haitong Securities Co. led declines for brokerages on Monday, slumping 9.5 percent as shares resumed trading. Power producers advanced, with China Yangtze Power Co. gaining 2.3 percent.

Hang Seng Index -0.7% to 21,919.53, trading at lowest since Oct. 6 and headed for 3.2% drop for the month.

Source: Bloomberg