China unleashes US$483b margin trader to stem stock rout

Beijing

CHINA has created what amounts to a state-run margin trader with US$483 billion of firepower, its latest effort to end a stockmarket rout that threatens to drag down economic growth and erode confidence in President Xi Jinping's government.

China Securities Finance Corp (CSF) can access as much as three trillion yuan (S$660 billion) of borrowed funds from sources including the central bank and commercial lenders, according to people familiar with the matter.