China’s Sovereign Fund Ramped Up ETF Purchases to Lift Stocks
- Central Huijin’s first-quarter buying likely tops $43 billion
- Data sheds more light on extent of market rescue by China
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China’s sovereign wealth fund likely bought at least $43 billion of onshore exchange-traded funds in the first quarter, Bloomberg’s analysis shows, shedding light on the extent of state rescue to stem a market tailspin.
Central Huijin Investment Ltd. is probably the entity that increased holdings of six major ETFs in the three months through March, according to Bloomberg calculations based on the latest filings. The first-quarter buying is more than six times the estimated $6.8 billion purchase by the National Team in the second half of 2023, when state funds were just beginning to prop up stocks.