[SHANGHAI] China's insurance regulator said the country's insurers have bought a total of 112.3 billion yuan (S$24.40 billion) of equity since the stock market rout in the latest attempt by Beijing to calm investor sentiment.
Insurance firms have invested 57.4 billion yuan in equity and 54.8 billion yuan in equity funds from the start of the market fall till July 8, China Insurance Regulatory Commission (CIRC) said during a press event on Thursday evening, according to the official Shanghai Securities News.
"Yesterday, the 6 industry leaders bought equity and equity funds worth a total of 15.1 billion yuan, the total industry figure will be much larger," said an official from the CIRC according to the paper.
China's insurance regulator said on Wednesday that it had increased the limits for insurers to invest in blue chip stocks amid a slew of fresh official efforts to rescue the country's tumbling stock market.
On Thursday, Chinese markets pulled out of their dive, after the securities regulator ordered shareholders with stakes of more than five per cent not to sell for the next six months.