China seen curbing market swings ahead of party congress

Beijing

CHINESE state-backed funds intervened to limit gains in the country's stock market on Monday, part of the government's effort to restrain market swings before a key leadership reshuffle this month, according to people familiar with the matter.

The funds sold shares of large-cap companies, including banks and China United Network Communications Ltd, said the people, who asked not to be identified because the information is private.