China’s state-run funds have poured in money to shore up stock prices, as regulators struggled to overcome “uber-weak” confidence among global investors, reports the South China Morning Post. The funds, often dubbed the “National Team,” have bought RMB 70 billion ($9.8 billion) worth of local shares over the past month, according to an estimate by Goldman…
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Chinese stocks rallied for a second consecutive day on Wednesday, with the benchmark Shanghai Composite Index rising 1.44 percent to close at 2,829.70 points. Combined turnover on the Shanghai and Shenzhen bourses exceeded 1 trillion yuan ($139 billion) for the first time since November 21, 2023.
A bull market is vital for China’s slowing economy because stock valuation has slumped to about 54 per cent of national output, from a record 79 per cent in 2021.