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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’