China's State-Backed Funds Have Bought $57 Billion of Stocks, UBS Says
- UBS estimate is based on excess transactions of 54 ETFs
- Swiss bank says national team holdings can rise further
This article is for subscribers only.
China’s state-backed funds have poured more than 410 billion yuan ($57 billion) into onshore shares this year in a bid to prop up the market, according to estimates by UBS Group AG, which expects further purchases.
The Swiss bank based its calculations on “excess” transactions of 54 Chinese exchange-traded funds. More than 75% of the inflows went into products tracking the benchmark CSI 300 Index while another 13% flowed to those mirroring the CSI 500 Index, according to strategists including Lei Meng.