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Global Market: Chinese state-backed funds step in with fresh equity purchases after market sell-off
Chinese state-backed investors China Reform Holdings and China Chengtong have announced fresh equity purchases to stabilise markets after a sharp sell-off. The firms deployed billions of yuan to support share buybacks, SOE stocks and ETFs, as Chinas STAR Market Index slumped 25% from its July peak.
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caixinglobal.com
China Deploys ‘National Team’ in Multi-Pronged Stock Market Rescue
State-backed enterprises unleash billions in capital to stem a brutal sell-off
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scmp.com
Beijing steps in to stem China’s stock market decline with US$8.9b in purchases
The CSRC is set to convene on Monday as state-backed firms buy 60 billion yuan of stocks amid market turbulence.
