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China: Government funds buy stocks to support worsening market

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In China, government-backed funds are said to have intervened in the stock market, helping the benchmark index move into a robust recovery phase from its biggest intraday drop since August 2021. According to sources, government-related funds entered the market to buy shares. The CSI 300 Index fell just 0.6% at the close and rebounded from the previous 2.4% drop.

 

The said government funds purchases aim to reduce the rate of decline of the stock market. For now, it is not known how often purchases will be made in the form of purchase amount or support to the market in this way. After returning from the Lunar New Year holiday, the market was a little dizzy with this news, but there are many issues compelling the authorities who have made quantitative easing to ease the growth woes. Factors such as supply chain, real estate crisis, Covid, Sino-American tensions are causing the investor sentiment not to rise rapidly.

 

We see that the PBOC has widened the gap with the tightening world with the rate cuts. The PBOC will continue to reduce interest rates in order to ease the credit conditions of small-scale companies and to support growth through this. Frequent rate hikes by the Fed, and China’s continued weakening of the yuan with both rate cuts and low yuan fixing rates will increase trade tensions.

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Kaynak: Hibya Haber Ajansı

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