China insurers bought US$18b of equity since market fall: state paper
[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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Morgan Stanley strategists see inflation as key for path of US stocks
US dollar soft on renewed Fed rate cut bets; yen on back foot
South Korea’s probe alleges 211.2 billion won of illegal short trades
Asia: Markets build on rally as US jobs data boost rate cut hopes
Zero-day options boom will only grow even as some investors fear disaster
Singapore stocks open in the black on Monday; STI up 0.3%