Chinese Brokerages Plough Tens of Billions of Yuan to Improve the Stock Market
The Chinese government introduced further financial stimulus to pump in some agility in the economy.
In past couple of weeks, Beijing has announced an array of polices which are intended to lift the stock prices and the interest in stoke buying in a market which has slid almost thirty percent in last three weeks. Chinese brokerages pledged to plough about 120 billion yuan in order to alleviate the stock market. On Tuesday, Shanghai Securities Journal reported that they have kept their promise by transferring money into accounts on Monday morning that will be used in the scheme.
Over128 billion yuan was transferred by twenty one brokerages into the accounts of China Securities Finance Corp, which is a state-owned firm providing margin financing services.
That's not all, there is more being done to stabilize the stock market. In a statement on Tuesday, the Asset Management Association of China said that fifty seven mutual fund companies have already started putting in money in equity funds and more plan to do the same soon.
A statement on Monday, on the website of the central government mentioned, Li Keqiang, the Chinese Premier has said that the nation has confidence and capability to face challenges and risks which comes in the way of its economy.
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