Beijing Injects 398.5 Billion Yuan of Liquidity and Buys $8.9 Billion in Shares to Halt Stock Slide
Beijing's central bank injected 398.5 billion yuan into the market through 7-day reverse repos at a steady 1.40% rate, while the government purchased $8.9 billion in shares to directly stem a recent market decline.
The coordinated intervention prompted traders to price in strong gains at market open, with the STAR 50 index expected to jump almost 3% and the growth-focused ChiNext index surging more than 2%.
From the sources (6 posts)
@financialjuiceChina injects 398.5 billion yuan via 7-day reverse repos at 1.40% vs prior 1.40%: statement
@firstsquawkChina's Central Bank Adds 398.5 Billion Yuan Liquidity via 7-Day Reverse Repos; Rate Held Steady at 1.40%.
@firstsquawkChina's STAR 50 Index Expected to Jump Almost 3% at Market Open.
@firstsquawkChina's Growth-Focused ChiNext Index Expected to Surge More Than 2% at Opening.
@stockmktnewzCHINA 🇨🇳 STEPS UP EFFORTS TO STABILIZE ITS SAGGING STOCK MARKET - Bloomberg
@firstsquawkBeijing steps in to stem China’s stock market decline with US$8.9b in purchases - SCMP