China State Funds Buy Stocks to Stem Worsening Rout

Chinese state funds intervened to alleviate declines in the stock market as a rout showed no signs of slowing. State-related funds are stepping in to ensure market stability during the government’s key policy meeting in Beijing, according to people familiar with the matter. A Hong Kong-based trader said clients linked to mainland funds were actively buying shares through stock links with Hong Kong on Tuesday. The CSI 300 Index pared a loss of as much as 3.2% to 1.2% as of 10:47 a.m. local time. The gauge on Monday posted its steepest decline since July to fall below its 100-day moving average. The champions that … (full story)

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