Authorities could use 2tn yuan from offshore accounts of state firms to buy shares after big falls in stocks
Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout.
The benchmark CSI 300 index, which replicates the top 300 stocks traded on the Shanghai and the Shenzhen bourses, had fallen to a five-year low, while the Hang Seng China Enterprises Index, which tracks Chinese stocks traded in Hong Kong, had dropped to its lowest in nearly two decades.
About Author
More Stories
In the red: global wine sales fall to lowest levels since 1961
China accuses UK politicians of ‘arrogance’ in British Steel row
Uyghur rights group calls on hotel chains not to ‘sanitise’ China abuses in Xinjiang