الإثنين , يونيو 8 2020

China says share purchase continues

stock market picture

In an effort to prop up its stock market, Chinese regulators said they are continuing their purchase of shares.

The move by China Securities Finance Corporation (CSFC) was made to dispel “rumours that the national margin trading service provider has backed off from stabilizing the stock market,” China’s Xinhua news service said.

Chinese stocks tumbled 8.5% earlier.

That was their biggest drop in a single day since February 2007.

The decline followed weak economic data on profit at Chinese industrial firms on Monday and a disappointing private factory sector survey on Friday.

Investors were also worried by reports the CSFC had started to return – ahead of schedule – money it borrowed to stabilise the stock market.

China’s government’s rescue plan to keep the value of stocks, or equities as they are also known, has included a police crackdown on short-selling – betting on the decline of shares’ values – and a six-month ban on big shareholders selling stocks.

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