China’s state-backed funds are planning to buy local stocks in a bid to support the market, as an escalating trade war with the US erodes this year’s rally.
China Reform Holdings Corp. said it will spend 80 billion yuan ($10.9 billion) to increase holdings of shares in state-owned enterprises and technology firms as well as to buy exchange-traded funds. That followed word from sovereign funds Central Huijin Investment Ltd. and China Chengtong Holdings Group of equity purchases Monday.
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