$HongkongLand USD (H78.SG)$$JMH USD (J36.SG)$$Jiutian Chemic...
China is considering a rescue package backed by offshore money to stave off a slump in its struggling stock markets, according to Bloomberg News.
The report, citing people familiar with the matter, said Chinese authorities are aiming to get about 2 trillion yuan ($278 billion), primarily through offshore accounts of Chinese state-owned companies to help stabilize the market by purchasing stocks onshore through Hong Kong markets.
According to Bloomberg, Chinese policymakers have also put aside 300 billion yuan of local funds that would be used to invest into onshore shares through state-owned financial firms China Securities Finance Corp. or Central Huijin Investment Ltd.
Mainland China’s CSI 300 index slid 11.4% last year, clocking its third straight year of falls. Hong Kong’s Hang Seng index fell nearly 14% in 2023, making it the worst performing major Asian stock market.
The Bloomberg report comes a day after Chinese Premier Li Qiang said during a state council meeting the country will be rolling out measures to stabilize its stock markets.
“We must take more powerful and effective measures to stabilize the market and confidence,” Li said, according to state media.
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102559790 : another comical thing from China government...they are making a "policy" but they dont want to announce it. they tell people familiar who cannot be named to tell western media to tell the world. why ? So that when it did not happen, they cannot be blamed becos they did not said it themselves? So comical.
THEWIZARD : Well, thank you for the news. I guess, I'll be having to Buy The Dips for now.
Maybe squeeze the Bears for awhile. Try to see, if they have to short cover.
inventive Kiwi_8237 : The national team is awesome
Deep Sea OP THEWIZARD :
73243137 102559790 : Alright…. never believe what the government says
THEWIZARD 73243137 : ... But I believe. Silly me.
102454616 73243137 : and many people still don't realise how the Chinese govt can afford high nett estate luxury life with their wages.. whatever is declared will goes to somewhere