China Says National Team Is Buying, Not Selling, as Stocks Fall
- Statement comes after five funds liquidated share holdings
- China traders are watching
China makes rare comments about the five state-backed funds known as the "National Team." Sofia Horta e Costa reports.
(Source: Bloomberg)This article is for subscribers only.
China’s securities regulator said the market misinterpreted recent news about five state-backed funds liquidating their stock holdings, assuring investors that “relevant institutions” have actually increased their positions.
The rare government comments about China’s “national team” of state investors, delivered in a brief statement on the China Securities Regulatory Commission’s website Monday, follow a $3.2 trillion selloff in local shares that has rattled investor confidence in Asia’s largest economy.